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Larger context for LACK in Corpus USbrown_UKbncw/UK_bncw.txt

  Thus, they contend that losses resulting from the automatic prohibition of mergers above a certain size are unlikely to be substantial, and are more than likely to be offset by the benefits arising from the creation of a climate of greater certainty and competition.   A laissez-faire approach of non-intervention has had few adherents in the past, since most economists have accepted that theory and evidence do suggest that matters can not be left entirely to the market.   However, Beacham and Jones (1971) came close to taking this line on the grounds that it is not possible to perform the cost-benefit exercise well enough to obtain a soundly based conclusion.   lack >   On the other hand they could see little merit in a policy based upon a rules approach, since rules are inevitably arbitrary and lack ing in any underlying economic logic.     As a result they have considerable doubts about the validity of the case for the control of mergers.   More recently George ( 1989) has re-examined this approach, pointed out its drawbacks and concluded that the balance of theory and evidence does suggest that there is a need for a mergers policy.   On the other hand, economists of the Austrian tradition (e.g.   Littlechild 1981, 1989) have come closer to the laissez-faire view, partly as a consequence of their different interpretation of profit.