Substance Over Slogans: Strengthening The Foundations Of Antitrust
About:
Politicized arguments have dominated competition-law discourse around the globe in recent years. Too often, legal and economic substance is lost in popular rhetoric that ignores academic research and data.
The academics, policymakers, and legal professionals gathered for the International Center for Law and Economics’ (ICLE) Jan. 17, 2025 conference in Paris explored the academic foundations of antitrust and what contemporary legal and economic research can tell us about effective antitrust action.
Presented in partnership with the European University Institute’s Department of Law, IE Law School Madrid, and the Vrije Universiteit Amsterdam’s Law & Technology Institute, “Substance Over Slogans: Strengthening the Foundations of Antitrust” drew attendees from 16 nations, hosted five antitrust regulators, and a Nobel-winning economist.
Also in attendance were scholars from such esteemed institutions as Harvard University, the University of California Berkeley, the University of Pennsylvania, the University of Chicago, the University of Virginia, and the University of Leeds, among others.
Through six unique conversations, the event offered attendees the opportunity to analyze why some scholars and enforcers appear to be rejecting economically grounded lessons gleaned from decades of legal analysis, enforcement experience, and applied industrial-organization research, and to debate whether the state of the art of economic and legal research provides any support for departing from antitrust’s traditional foundations.
EVENT HIGHLIGHTS
Setting the Stage: Six Antitrust Slogans and the Substance Behind Them
In a presentation moderated by Thibault Schrepel (Vrije Universiteit Amsterdam), Paul Seabright (Toulouse School of Economics) explored six common antitrust slogans and the substance behind them.
Platform Economics, Digital Competition, and Regulation
In a panel moderated by European University Institute Joint Chair in Competition Law Nicolas Petit, presenters Pinar Akman of the University of Leeds and Dennis Carlton of the University of Chicago—along with discussants Gustavo Augosto (CADE (Brazil)), Andy Chen (TFTC (Taiwan)), and Philip Mardsen (Bank of England)—explored the economics of digital platforms and whether they merit a new approach to competition law.
Fireside Chat with Nobel Laureate Oliver Hart
2016 Economics Nobel Laureate Oliver Hart of Harvard University explored antitrust and the costs and benefits of ownership in a discussion moderated by ICLE Chief Economist Brian Albrecht.
The Consumer Welfare Standard and the Antitrust Process
Presenters Kenneth Elzinga (University of Virginia) and Herbert Hovenkamp (University of Pennsylvania)—along with discussants Cani Fernández (CNMC (Spain)), Frédéric Jenny (ESSEC Business School), and Dennis Carlton (University of Chicago), as well as moderator Lazar Radic (ICLE)—explored the consumer welfare standard and what role it continues to play in competition analysis.
Competitiveness and Innovation
Presenters Richard Gilbert (University of California Berkeley) and Ginger Zhe Jin (University of Maryland)—along with discussants Reiko Aoki (Japan Free Trade Commission), Marc Ivaldi (Toulouse School of Economics), and Koren Wong-Ervin (Jones Day) and moderator Dirk Auer (ICLE)—examined how antitrust analysis should regard the importance of competitiveness and innovation.
Last Word: Insights and Reflections
In a closing panel tying together the day’s themes, moderator Thibault Schrepel (Vrije Universiteit) was joined by Pinar Akman (University of Leeds), Reiko Aoki (Japan Free Trade Commission), Gustavo Augusto (CADE (Spain)), Andy Chen (Taiwan Fair Trade Commission), Richard Gilbert (University of California Berkeley), Herbert Hovenkamp (University of Pennsylvania), Marc Ivaldi (Toulouse School of Economics), Francisco Marcos (IE University Law School), Philip Marsden (Bank of England), and Paul Seabright (Toulouse School of Economics).
