Law Quadrangle (formerly Law Quad Notes)


Commenting on Thomas E. Kauper's "Antitrust: Economic Regulation or Deregulator?"

Professor Payton proposed to comment on both Professor Steiner's and Professor Kauper's papers since both addressed the "current crisis of regulatory legitimacy and competence." Steiner's theory that this current controversy arose from irritation generated by "social," as distinct from economic, regulation first received Payton's attention.

Like Steiner, Payton questioned why economic regulation has taken the forms it has and why we have recently become dissatisfied with them. Law incorporates a society's fundamental understanding of what constitutes right conduct. giving some values priority through protection and enforcement. It does this negatively legislating against evil rather than in favor of good.