On July 19, 2023, the Department of Justice’s Antitrust Division and Federal Trade Commission issued draft merger guidelines for public comment that ignore all Supreme Court precedent and read more like a command economy roadmap than a serious government document. This was a setback for WLF, which filed formal comments urging the FTC and DOJ to issue guidelines that follow current law. WLF’s comments explained why rapid innovation in digital markets cautions against antitrust enforcement in those markets. The comments also showed that econometrics makes antitrust enforcement more precise. Finally, WLF countered the agencies’ suggestions that market definition is unnecessary for antitrust enforcement.
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