This paper investigates the views on competition theory and policy of the American institutional economists during the first half of the 20th century. These perspectives contrasted with those of contemporary neoclassical and later mainstream economic approaches. We identify three distinct dimensions to an institutionalist perspective on competition. First, institutionalist approaches focused on describing industry details, so as to bring theory into closer contact with reality. Second, institutionalists emphasized that while competition was sometimes beneficial, it could also be disruptive. Third, institutionalists had a broad view of the objectives of competition policy that extended beyond effects on consumer welfare. Consequently, institutionalists advocated for a wide range of policies to enhance competition, including industrial self-regulation, broad stakeholder representation within corporations, and direct governmental regulations. Their experimental attitude implied that policy would always be evolving, and antitrust enforcement might be only one stage in the development toward a regime of industrial regulation.

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与工业生活更紧密联系的理论：美国制度经济学家的竞争理论与政策

本文考察了20世纪上半叶美国制度经济学家对竞争理论和政策的看法。这些观点与当代新古典主义和后来的主流经济方法的观点形成鲜明对比。我们确定了制度主义竞争视角的三个不同维度。首先，制度主义方法侧重于描述行业细节，以使理论与现实更紧密地联系起来。其次，制度主义者强调，虽然竞争有时是有益的，但也可能是破坏性的。第三，制度主义者对竞争政策的目标有着广泛的看法，这些目标超越了对消费者福利的影响。因此，制度主义者主张采取广泛的政策来加强竞争，包括行业自律、公司内广泛的利益相关者代表以及直接的政府法规。他们的实验态度意味着政策总是在不断发展，反垄断执法可能只是向工业监管制度发展的一个阶段。