Competition Policy and the Economic Approach
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Competition Policy and the Economic Approach

Foundations and Limitations

Edited by Josef Drexl, Wolfgang Kerber and Rupprecht Podszun

This outstanding collection of original essays brings together some of the leading experts in competition economics, policy and law. They examine what lies at the core of the ‘economic approach to competition law’ and deal with its normative and institutional limitations. In recent years the ‘more economic approach’ has led to a modernisation of competition law throughout the world. This book comprehensively examines for the first time, the foundations and limitations of the approach and will be of great interest to scholars of competition policy no matter what discipline.
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Chapter 7: Modern Industrial Economics Revisited – Comments on Daniel Rubinfeld, Michele Polo and Oliver Budzinski

Laurence Idot


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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