True, though don’t forget that the US consumer welfare standard dates only to the 70s, is rooted in judicial interpretation rather than explicit statutory wordi

True, though don’t forget that the US consumer welfare standard dates only to the 70s, is rooted in judicial interpretation rather than explicit statutory wording, and has been challenged in recent years. In fact this is brought up in section 2.2.2 of the paper. Further reading: https://en.wikipedia.org/wiki/Consumer_welfare_standard https://en.wikipedia.org/wiki/Consumer_welfare_standard