Has antitrust become too focused on output?

In a new paper, University of Miami School of Law professor John Newman says the most common critique of the “Chicago School of Antitrust” is all wrong. The former Department of Justice attorney argues the likes of Robert Bork and Richard Posner focused too heavily on defining antitrust harm as a reduction in output, rather than as an increase in prices. Newman spoke to GCR USA about how he sees this output “fallacy” dismantling the perception that modern antitrust law is designed to protect consumer welfare.