Better Competition Advocacy

Abstract:     
Today's competition advocacy censures governmental restraints that diminish competition. But such advocacy glosses over four fundamental questions: First, what is competition? Second, what are the goals of a competition policy? Third, how does one achieve, if one can, the objectives of such desired competition? Fourth, how does one know if the economy is progressing toward these goals? This Article outlines the conventional wisdom underlying today's competition advocacy. It examines what is meant by competition, and what is being valued. It examines the goals of competition, as expressed by various governmental agencies, and the structural mechanisms that the government can provide to help achieve these goals. It concludes with several signposts to gauge whether the United States' competition policy is progressing toward its goals.

Number of Pages in PDF File: 86

Keywords: Antitrust, Competition Policy, Sherman Act, Law & Economics, Evolutionary Economic Theory, Dynamic Efficiency, Behavioral Economics

JEL Classification: K21, L40, D41

Accepted Paper Series