Friedrich Hayek's Contribution to Antitrust Law and Its Modern Application
ICC Global Antitrust Review, pp. 199-216, 2014
18 Pages Posted: 12 Jan 2015 Last revised: 29 Jan 2015
Date Written: January 2015
Friedrich Hayek is one the most influential economists of his time. Yet, Hayek’s influence on antitrust judges and antitrust agencies is quite low compared to the one other economists have. This should change. The very rapid growth of high-technology markets tends to confirm Hayek’s views on competition, the reason why it is time to (re)consider his work. As of today, dynamic efficiencies are not fully considered in most antitrust analyses. Based on Hayek’s work, the essay proposes some concrete changes in our modern laws. They imply to consider every aspect of the concept of ‘innovation’ in all antitrust analyses, by taking position on standardization, predatory innovation, disruptive innovation and other major themes for our economies. Also, analysing Hayek’s thinking show us why antitrust laws should only apply with certitude and agencies should consider false positives with more consistency.
Keywords: Hayek, innovation, standardization, disruptive innovation, predatory innovation
JEL Classification: K21
Suggested Citation: Suggested Citation