Should Competition Policy Promote Happiness?
Maurice E. Stucke
University of Tennessee College of Law; The Konkurrenz Group
January 14, 2013
81 Fordham Law Review 2575 (2013)
University of Tennessee Legal Studies Research Paper No. 207
What, if anything, are the implications of the happiness economics literature on competition policy? This Paper first examines whether competition policy should promote (or at least not impede) citizens’ opportunities to increase well-being. The Paper next surveys the happiness literature on five key issues: (i) What constitutes well-being; (ii) How do you measure well-being; (iii) What increases well-being; (iv) Do people want to be happy; and (v) Can and should the government promote total well-being? Although the happiness literature does not provide an analytical framework for analyzing routine antitrust issues, this does not mean that competition officials should discount or ignore the literature altogether.
The findings of the happiness literature, as this Paper argues, offer some helpful insights on the current debate over competition policy's goals. The literature suggests that competition policy in a post-industrial wealthy country would get more bang (in terms of increased well-being) in promoting economic, social and democratic values, rather than simply promoting a narrowly-defined consumer welfare objective.
Number of Pages in PDF File: 72
Keywords: competition policy, antitrust, well-being, consumer welfare, behavioral economics, utility
JEL Classification: D60, K21, l40, E61
Date posted: January 19, 2013 ; Last revised: April 11, 2013