Foundations and Limitations
Edited by Josef Drexl, Wolfgang Kerber and Rupprecht Podszun
Chapter 7: Modern Industrial Economics Revisited – Comments on Daniel Rubinfeld, Michele Polo and Oliver Budzinski
Laurence Idot* With three highly qualified economists, I am not sure I am a well placed authority to make some comments since I am a pure classical lawyer, with a background in international private law and EU law. I could add: a rather old lawyer since I began to study EU competition law in 1972 with the famous Dyestuffs case of the European Court of Justice.1 However, it was not only the topic of my exam; there is also a clear link with the topic of this chapter since a rather interesting discussion occurred before the Court on the economic analysis of parallel conduct in a tight oligopoly. Almost forty years later, a lot of things have changed of course. The major event probably was the establishment of specific merger control in the EU and the adoption of Regulation 4064/89 on merger control2 which was followed by the important influx of economists in antitrust teams and later the introduction of the so-called ‘modern industrial economics’. The state of modern industrial economics has been exposed by Oliver Budzinski and I will follow his definition. The three essays I comment upon are very rich and full of information and data, which enable me to make very simple and naïve comments. I could copy the title of a famous article, which was written in the 1960s by a famous French professor of public law who described the work of our administrative supreme court, le Conseil d’Etat: the title was ‘un Huron au...
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