The idea of antitrust “safety zone”is stated in the Antitrust Guidelines by the U.S. Department of Justice and the FTC. Antitrust agencies, in principle, will not intervene in market activities if the degree of market power is within the safety zone. There is, however, no solid economic rationale for the precise degree of market power that can justify this safety zone. I propose a model that ca...

One approach to the relationship between trade and monetary zones is through recalling the three uses of money: means of settlement, numeraire, and store of value. The first two of these bring money and trade together, but the third is a separate matter. The rate of inflation can be chosen apart from the trade regime. For this reason it has not been self-evident whether the frontiers of monetar...

Trade secrecy is unique among the major forms of intellectual property as not being primarily governed by a federal statute. Unlike patents and copyrights, trade secrecy is a creation of state law, arising in the nineteenth century out of a variety of common law to become a separate source of protection against the improper acquisition, disclosure, and use of commercially-valuable information t...