Luke Herrine, author of “The Folklore of Unfairness.” Herrine’s article, published recently in the New York University Law Review, argues that conventional wisdom – which holds that the FTC in the 1970s pursued an expansive notion of its unfairness authority but failed spectacularly – “gets the law and the history wrong.”

Instead, argues Herrine, the commission’s actions in the 1970s were quite popular, and the FTC Act’s ban on “unfair…acts and practices” is therefore “more potent than commonly assumed.” That argument could take on new urgency as current FTC Chair Lina Khan seeks to push the boundaries of the commission’s authority.