*This article is an automatic translation of the original article, provided here for your convenience. Read the original article. In the first part, I presented competition law as a legal mode of economic regulation in the full sense of the term, i.e. as a way of preserving metastable equilibria on the markets [1]. In this approach, the legitimacy of administrative intervention has a twofold basis: the collective preference for market balances that favour consumer surplus and the precarious nature of the conditions for the stability of this type of balance, particularly as a result of the initiatives of the suppliers who operate there. Thus, keeping markets on a critical trajectory of "consumer-friendly stability" sums up the work programme of the competition authorities. They must
|
ARTICLE: COMPETITION LAW - OBJECTIVES - ECONOMIC EFFICIENCY - CONSUMER WELFARE - MARKET EQUILIBRIUMS - COMPETITION AUTHORITIES - JUDGES - PROSPECTIVE ANALYSIS - ADVERSARIAL ECONOMIC SCENARIOS - ECONOMIC THEORY - REGULATION
The regulation of competition: A prospective point of view (II)
The two purposes of competition law - economic efficiency and consumer welfare - do not spontaneously converge on the real markets. Competiton law aims at protecting market equilibriums that can reconcile these goals. To establish the possible consequences of a given economic behavior, competition authorities and judges carry out prospective analysis on their potentials effects and build situations that could occur in the absence of such a practice. In the course of adversarial proceedings, economic scenarios subject to the requirement of rationality are compared with the help of economic theory. Prospective reasoning and practical decisions taken under these analyses consist in the substantial features of the antitrust regulation activity. The first part of this article has been published in N° 3-2009 .
Access to this article is restricted to subscribers
Already Subscribed? Sign-in
Access to this article is restricted to subscribers.
Read one article for free
Sign-up to read this article for free and discover our services.
