This paper discusses the recent scholarly and policy attack against the consumer welfare (“CW”) standard. It shows that the CW standard is not the explanatory factor for perceived low levels of antitrust enforcement in the US. The arguments made against the CW standard reflect a misunderstanding of its purpose and effects. Moreover, any deviation from the CW framework would likely weaken antitrust enforcement in the platform age.

Today we remember September 11, 2001 and all that has changed in the past 17 years.

American corporate law provides that boards of directors are chosen solely by shareholders, to whom the directors owe an exclusive fiduciary duty to maximize shareholder value. That simple proposition has generated benefits not only for shareholders but also for workers, suppliers, customers, bondholders and communities.

Hoover Institution fellow Raghuram Rajan says that monetary policy cannot be the answer to all the problems, adding that developed markets will crack if emerging markets slowdown.