Why the Consumer Welfare Standard Should Remain the Bedrock of Antitrust Policy

The application of antitrust policy, through which the government seeks to shape the general rules of competition, has always been contentious. But for roughly 40 years there has been a consensus that its ultimate goal should be the welfare of consumers, broadly defined to mean maximizing overall economic growth. Yet a small, but growing group of activists and scholars now argues we should abandon the consumer welfare standard and add in a host of new factors for antitrust policy to address, while also attacking “bigness” per se. A careful review, however, shows the consumer welfare standard is able to handle some of its critics’ legitimate concerns.