Antitrust economics/industrial organization manifests a limited understanding
of the nature of competition in high technology industries,where competition is
driven by innovation.Among the public policy(and economic)issues that have not
been well-explored are the evolutionary processes at work,the nature and sources
of economic rents derived by participants,the degree of competition(or the lack
thereof)in these industries,and the relevance of market structure as a proxy for
market power.The recent decision in the US vs.Microsoft case has brought these
issues(and the controversies they engender)into particularly sharp focus.
Whatever one’s views on the merits of that decision,it is clear that traditional
antitrust analysis is inadequate to the task of defining markets and assessing
market power in knowledge-intensive high technology industries.
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