(c) Copyright 2004 Shyam Sunder Why the Auditing Breakdown Antitrust laws and professions –Unobservability of quality, restraint, Akerlof (market for lemons, Nobel Prize) 1960-70s: the cult of competition, Stigler (robustness of competition), misapplication of economic theory 1977-78: Supreme Court (Bates vs.
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