This course will examine the Rule of Reason that courts employ when implementing the Sherman Act's ban on contracts "in restraint of trade." After examining the development of the rule during antitrust's formative era, the course will focus on modern debates about the methodology of rule of reason analysis including: the role of market power, so-called "truncated" rule of reason analysis, cognizability (or not) of purported benefits, the metaphor of balancing, and the role of less restrictive alternatives.
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