Economic Theory and Competition Law
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Economic Theory and Competition Law

  • ASCOLA Competition Law series

Edited by Josef Drexl, Laurence Idot and Joël Monéger

The context for this book is the increasingly complex relationship between economic theory and competition law which gives rise to lively political and academic debate on the direction competition law should take in a more global and innovation-oriented market place.
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Chapter 11: Convergence of Competition Law Prohibitions: Foundational Issues

Michal S. Gal

Extract

11. Convergence of competition law prohibitions: foundational issues Michal S Gal* 1 INTRODUCTION The increased role of economic analysis in competition law raises a host of interesting issues regarding the goals and foundations of competition law as well as their effects on competition rules. One such issue, addressed by Professor Eilmansberger in his comprehensive and thoughtful chapter, relates to the convergence of the prohibitions on restrictive agreements and unilateral restraints in light of a more economics-oriented approach that strives to increase consumer welfare.1 The first part of this chapter addresses some of the issues raised in Professor Eilmansberger’s chapter and goes a bit beyond it, mostly supplementing rather than contradicting it. Yet, as the language of the Treaty of Rome indicates, EC competition law is based on at least one additional foundation: fairness in market relations, which is sometimes viewed as contradictory to pure economic considerations. Accordingly, the second part of this chapter offers some preliminary thoughts with regard to the role of fairness in EC competition law at its incipiency and its relationship with the more economics-oriented approach. * LL.B., LL.M., S.J.D. Associate Professor, Haifa University School of Law; Global Hauser Visiting Professor, NYU School of Law. Many thanks to Adi Eyal for most thoughtful comments. The second part of this chapter is part of the author’s ongoing research on the subject of fairness in competition law. For this part, the author would like to thank Professors Drexl, Engel, Fikentscher, Hellwig, Mestmäcker, von Weizsäcker, and M...

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