Delusions regarding the proper role of markets and antitrust policy

William Curran and Donald Wellington have criticized capitalism, neoclassical economics and antitrust policy. This article defends capitalistic institutions against both the strong forms of socialism as practiced in the former Soviet Union and against its milder forms as practiced in the welfare states of Europe. The article endorses some of Curran's and Wellington's concerns about neoclassical economics, but recommends that neoclassical economics be adapted to make it more useful for scientific research rather than abandoned outright. Some suggestions are offered in this direction. The article totally rejects the notion that antitrust policy can be a tool for correcting the ills of capitalism as Curran and Wellington see them, and argues that the goal of antitrust policy should be to improve capitalism not to destroy it.