Scholarship (ICLE)
Capabilities: The Next Step For The Economic Construction Of Competition Law
Journal of European Competition Law & Practice
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US and EU competition laws embody incomplete provisions. Both sets of rules implicitly or explicitly rely on economic insights for the construction of the law. In the US, a ‘Consumer Welfare’ (‘CW’) standard helps draw the line between lawful and unlawful business conduct and transactions. EU competition law relies on an ‘effects based approach’. The US economic rule of construction favours defendants in antitrust cases. The EU rule yields less deterministic outcomes. US antitrust law has been influenced by the Chicago School, EU law is post-Chicagoan. Both are economics-minded.