Rediscovering the Spirit of Competition: On the Normative Value of the Competitive Process

Andriychuk, Oles

doi:10.5235/174410510794499816

Cited by 8 publications

(2 citation statements)

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“…In essence, according to this view, for ordoliberals the principal aim of competition law is to protect the economic freedom of undertakings to compete on the marketplace. This is often interpreted as a deontological standpoint: the competitive process and the economic freedom of undertakings to participate to this competitive process must be preserved, irrespective of the effects of such competition on social welfare 95 . According to this view, the ordoliberals value individual economic freedom as an accompaniment of political freedom and autonomy.…”

Section: Freedom To Competementioning

confidence: 99%

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Some Reflections on the Question of the Goals of EU Competition Law

Lianos

2013

SSRN Journal

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efficiency) advances that if the magnitude of the gains from moving from one state of the economy to another is greater than the magnitude of the losses, then social welfare is increased by making the move even, if no actual compensation is made 12. According to Kaldor-Hicks efficiency, an outcome is efficient if those that are made better off can, potentially, compensate those that were made worse off, with the resulting outcome still being Pareto optimal. The winners should, in theory, be able to compensate the losers, but there is no requirement that compensation should be effectively paid. The Kaldor-Hicks efficiency is based on the following two fundamental theorems of welfare economics 13 : "The First Fundamental Theorem of Welfare Economics: Assume that all individuals and firms are selfish price takers. Then a competitive equilibrium is Pareto optimal. The Second Fundamental Theorem of Welfare Economics: Assume that all individuals and producers are selfish price takers. Then almost any Pareto optimal equilibrium conclusions reached at the doctrinal stage). For example, the economic efficiency versus justice debate that permeates the question of the objectives of competition law belongs to the jurisprudential stage as it refers to the values that should provide content to the principle of coherence in legal interpretation. We have focused elsewhere on the interaction of economics and the law at the doctrinal and adjudicative stage: Lianos, I. (2009) 'Lost in translation? Towards a theory of economic transplants', Current Legal Problems 62(1) 346-404. This study will mainly focus on the jurisprudential stage, although as I will further explain, and probably contrary to Dworkin's view, there is a considerable interplay and mutual dependence between the jurisprudential and adjudicative stages, as in reality the values pursued by the specific legal system are function of a comparative institutional analysis performed at the adjudicative stage. However, for the adepts of a normative perspective in EU competition law, the two stages are clearly separated, with the adjudicative stage being locked in to decisions made at the jurisprudential stage. 11 One could advance a growth-related theory of competition law emphasizing the supply side, instead of the demand side (consumers). There is evidence that competition increases the chances of innovation and growth: Arrow, K (1962) 'Economic Welfare and the Allocation of Resources for Inventions', in (R. Nelson ed.) The Rate and Direction of Inventive Activity: Economic and Social Factors, NBER (noting that a monopolist that is not exposed to actual or potential competition has less incentive to invest in R&D than a firm in a competitive industry);

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Section: Freedom To Competementioning

confidence: 99%

“…Andriychuk, O. (2010), 'Rediscovering the Spirit of Competition: On the Normative Value of the Competitive Process', op.…”

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Some Reflections on the Question of the Goals of EU Competition Law

Lianos

2013

SSRN Journal

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Unilateral Conduct Laws

Kemp

Misuse of Market Power

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The goals of EU competition law: a comprehensive empirical investigation

Stylianou

Iacovides

2022

Legal stud.

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For any field of law, the goal it was designed to achieve permeates every aspect of its application and interpretation. This is particularly true when the black letter of the law is cryptic and silent on most aspects of how it should be interpreted and applied, as is the case with competition law, which for the most part revolves around a small number of highly abstract provisions. It is only natural then that ample scholarly work has been devoted to identifying the goals and purposes of competition law. By and large these attempts have been textual, historical, and teleological. We introduce here instead a quantitative analysis of the case law and present the results of the first empirical study into the goals and purposes of EU competition law as they emerge from the entirety of the case law of the European Court of Justice, opinions of the Advocate Generals, Commission decisions, and speeches of Commissioners for Competition. This body of almost 4,000 sources paints a comprehensive picture of the underlying goals of EU competition law, and helps conclusively confirm some previous insights while debunking others, thereby helping to advance the present application and future evolution of competition law.

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Rediscovering the Spirit of Competition: On the Normative Value of the Competitive Process

Cited by 8 publications

References 19 publications

Some Reflections on the Question of the Goals of EU Competition Law

Some Reflections on the Question of the Goals of EU Competition Law

Unilateral Conduct Laws

The goals of EU competition law: a comprehensive empirical investigation

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