"Harnessing the tension between "equity" and "efficiency" and achieving the optimal equilibrium between these policy objectives, has long been one of the major questions bedevilling economics and, more generally, political philosophy in liberal democracies but also beyond."

This is a survey of the economic principles that underlie antitrust law and how those principles relate to competition policy. We address four core subject areas: market power, collusion, mergers between competitors, and monopolization. In each area, we select the most relevant portions of...

An increasing body of empirical evidence is documenting trends toward rising concentration, profits, and markups in many industries around the world since the 1980s. Two major criticisms of these studies is that concentration and market shares are poorly measured at the national industry level...