Competition policy is there to promote competition in order to lower prices and enhance economic efficiency. It does so by challenging business conduct deemed anticompetitive. The purpose of this essay is to address two questions. First: Does competition policy really promote competition?...

In this essay I argue that economics has not played the role it should have played in the resolution of competition cases and that it is unlikely that it ever will. Thus far competition analysis has put up a smokescreen of sophistication around a number of vaguely defined concepts, such as...

This is one of a bundle of essays on the economics of antitrust. It is about the way the concept of efficiency is dealt with in competition analysis and the welfare standard of antitrust. I pay particular attention to Pareto efficiency, what it stands for and what it does not stand for, and its...

Production costs play a crucial role in competition policy and price regulation. A shared purpose of both policies is to keep prices close to production costs to the benefit of the consumers and of the society as a whole. The problem is that prices are per product and costs are per firm. So, the...