FOREWORD: ANTITRUST - GOVERNMENT INTERVENTION - MONOPOLY - ECONOMIC ANALYSIS - MARKET POWER

Antitrust, anti-competition: Lessons from economics

Textbook economics provides the foundation for the legislative creation of, judicial interpretation about, and public support for, antitrust. The inbuilt bias against markets is already apparent by the wording that suggests markets have “forces” and “power”; monopolies are “natural”; and that competition needs to be “perfect” otherwise it will be “monopolistic”. Both realworld economics, especially that of the Austrian school, and realworld evidence, especially the lack of cost-benefit statistics, strongly suggests that the onus should be put back on to antitrust to prove that it is not in fact anti-competition.

The main purpose of this Foreword to the Concurrences Review is to, as they say, raise awareness. Maybe even raise awakeness. It does this by firstly revisiting the textbook economics that purports to justify antitrust. It secondly introduces the realworld economics that starts to cast a new light on such government intervention. This light becomes brighter as thirdly the realworld evidence is explored. Regarding the latter, the lack of official and pertinent statistical evidence speaks volumes in and of itself. Textbook economics is largely dominated, at the macro and micro levels respectively, by a Keynesian-Monetarist synthesis and a Neoclassical-Neostatist synthesis. Such economics has so many downsides nowadays that it is no longer a net positive, not even as a teaching tool for

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Darren Brady Nelson, Antitrust, anti-competition: Lessons from economics, February 2020, Concurrences Review N° 1-2020, Art. N° 92528, www.concurrences.com

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