The Regulatory Revolution at the FTC

In the 1970s, the Federal Trade Commission had embarked on an activist consumer protection and antitrust agenda which resulted in severe public and congressional backlash, including calls to abolish the agency. Beginning in 1981, under the direction of Chairman James Miller, the FTC started down a new path of economically-oriented policymaking. This new approach helped save the FTC and laid the groundwork for it to grow into the world-class consumer protection and antritrust agency that it is today. The Regulatory Revolution at the FTC examines this period of transition in light of continuing debate about the FTC's mission. Editor James Campbell Cooper has assembled contributions from leading economists and scholars, including many of the central figures in the Miller-era Commission and today's FTC, who provide a comprehensive and revealing story about the importance of economic analysis in regulatory decision-making. Together, they foster a crucial understanding of the evolution of the FTC from an agency on the brink of extinction to one widely respected for its performance and economic sophistication. "A unique retrospective and prospective look at the Federal Trade Commission by distinguished contributors who include FTC Chairmen from the 1980s, 1990s and 2000s, past and current Bureau Directors and staff, and a sitting Commissioner. An insightful-and witty-look at the agency." --Michael R. Baye, Bert Elwert Professor of Business Economics & Public Policy, Kelley School of Business, Indiana University, and former Director of the FTC's Bureau of Economics "James Miller's tenure as Chairman profoundly reoriented the Federal Trade Commission. This revealing historical analysis explains how and why that happened, and illustrates the lasting influence of the Miller era." --Jonathan B. Baker, Professor of Law, American University, Washington College of Law, and formerly Director, Bureau of Economics, Federal Trade CommissionFOREWORD: JAMES C. COOPER ; INTRODUCTION: ; PLANTING THE SEEDS OF THE REGULATORY REVOLUTION ; CHAPTER 1: JAMES C. MILLER ; CAUSES AND IMPLICATIONS OF THE REGULATORY REVOLUTION AT THE FTC ; CHAPTER 2: PANEL DISCUSSION ; POLITICS AND POLICY IN 1981 ; PART I: ; JURISDICTION, POLICY, AND PROCEDURE ; CHAPTER 3: WILLIAM E. KOVACIC ; THE FEDERAL TRADE COMMISSION AND THE ASSIGNMENT OF REGULATORY TASKS ; CHAPTER 4: JULIE BRILL ; THE FUTURE OF FTC JURISDICTION OVER ANTITRUST AND CONSUMER PROTECTION: A COMMENTARY ; CHAPTER 5: JOSHUA D. WRIGHT & ANGELA DIVELEY ; DO EXPERT AGENCIES OUTPERFORM GENERALIST JUDGES? SOME PRELIMINARY EVIDENCE FROM THE FEDERAL TRADE COMMISSION ; CHAPTER 6: A. DOUGLAS MELAMED ; PARADIGM SHOPPING: SECTION 5, THE FTC, AND THE COURTS ; PART II: ; CONSUMER PROTECTION ; CHAPTER 7: FRED S. MCCHESNEY ; CONSUMER PROTECTION AND JAMES MILLER AT THE FEDERAL TRADE COMMISSION ; CHAPTER 8: J. HOWARD BEALES, III, TIMOTHY J. MURIS & ROBERT PITOFSKY ; IN DEFENSE OF THE PFIZER FACTORS ; CHAPTER 9: PAUL H. RUBIN & THOMAS M. LENARD ; THE FTC THEN AND NOW: PRIVACY ; CHAPTER 10: PAUL A. PAUTLER ; REGULATION AND BEHAVIORAL ECONOMICS IN THE POST-MILLER FTC ; PART III: ; ANTITRUST ; CHAPTER 11: RICHARD S. HIGGINS & MARK PERELMAN ; TYING TO MITIGATE THE DEADWEIGHT LOSS OF MONOPOLY PRICING ; CHAPTER 12: DANIEL A. CRANE ; SECTION 5 AND THE INNOVATION CURVE ; CONCLUSION: ; IMPLICATIONS FOR FUTURE FTC ENFORCEMENT ; CHAPTER 13: PANEL DISCUSSION ; LESSONS FOR SETTING PRIORITIES ; INDEX