The consumer welfare standard and avoiding the dangers of polarized debate in the USA.

19 Federal Trade Commission, 'Policy Statement Regarding the Scope of Unfair Methods of Competition Under Section 5 of the Federal Trade Commission Act' (10 November 2022) Commission File No P221202 1, 9-10 < https://www.ftc.gov/system/files/ftc%5fgov/pdf/P221202Section5PolicyStatement.pdf > accessed 17 April 2023. 23 Lina Khan, 'Oversight of the Enforcement of the Antitrust Laws - Prepared Statement of the Federal Trade Commission Before the United States Senate Committee on the Judiciary Subcommittee on Antitrust, Competition Policy and Consumer Rights' (20 September 2022) US Federal Trade Commission < https://www.ftc.gov/system/files/ftc%5fgov/pdf/P210100SenateAntitrustTestimony09202022.pdf > accessed 17 April 2023. Keywords: Antitrust; Consumer Welfare Standard; Chicago School; Neo-Brandeis; Department of Justice; Federal Trade Commission; K21; L40; L41; L51 EN Antitrust Consumer Welfare Standard Chicago School Neo-Brandeis Department of Justice Federal Trade Commission K21 L40 L41 L51 203 208 6 08/11/23 20230701 NES 230701 I. INTRODUCTION The Biden Administration is seeking to redefine US antitrust policy that it views as largely responsible for historical underenforcement of antitrust laws in the USA.[1] To achieve this, President Biden appointed progressive reformers to leadership positions[2] and lawmakers are proposing amendments to the antitrust laws.[3] These reforms could be described as a battle for the very soul of antitrust though such policy shifts in antitrust enforcement are not unprecedented.[4] Arguably a victor of a previous antitrust policy battle was the Chicago School with its core underlying assumption that markets self-correct.[5] Allied to that view was its emphasis on economic theory and analytical methods that rely heavily on economic analysis, especially the consumer welfare standard (CWS). [Extracted from the article]