An essay on the normative foundations of antitrust economics

The reason why the deontologists prefer rules over the eventual effectiveness of breaking them is finally predetermined exactly by the interests of common welfare but on the higher level of generalisation.

Truly important and significant hypotheses will be found to have "assumptions" that are wildly inaccurate descriptive representations of reality, and, in general, the more significant the theory, the more unrealistic the assumptions in this sense p.

The final chapter explains the normative proposal which this analysis puts forward, explores its practical implications and summarises the main finding of the overall research.

It analyses the competitive process as a philosophical category, understanding by it a dynamic motion, embedded in the laws of dialectics, which generates a An essay on the normative foundations of antitrust economics multilogue between the agents involved.

Oles Andriychuk consolidates the normative theories surrounding freedom, market and competition by assessing their effective use within the matrix of EU competition policy. The following dilemma occurs: The philosophical analysis of a European b competition and c law would be never accomplished if it concentrated solely on the latter two aspects of the problem.

The life of any human being which is governed solely by his instincts is unmanageable; no society can tolerate it even in principle.

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The philosophical aspect of this project has two equally important components: The structure of this study is designed in a way which reflects the three-dimensional nature of competition law as mentioned above.

It is also meaningless, however, when the instincts are fully subordinated to purely rational interests of the individual or society in general. The term jurisprudence is taken in this proposal broadly, covering the fields of legal theory, sociology of law and legal philosophy.

Of course descriptive unrealism by itself does not ensure a "significant theory" pp. The development of different narratives is a synthetic theoretical exercise.

This most general welfare-centred imperative is factored out of considerations altogether by the deontologists due to its repetitiveness and triviality. It analyses old debates but from new angles and with new insights. The second scenario can occur in antitrust when decision-makers try to eliminate the spontaneous order of the competitive instincts by circumscribing them to the rational interests of society entirely.

Libido should be limited, but not abandoned. In addition, in order to succeed, the jurisprudential account of competition law should be fully up to date on the economic merits of the issue, but such understanding of the economic aspects of competition should not eliminate its juristic nature.

The book is interested in the history of European competition law, and it does operationalise some important elements of the older doctrines, but it does not seek to revive any purely deontological theories of antitrust, acknowledging the inevitability of economic analysis of contemporary competition policy.

Competition alone is neither a sufficient nor even a desirable means of economic and social governance. This implies that in order to maintain the consistency of each of the three dimensions, some arguments are presented in a refined, unconditional and uncritical manner.

Its methodological disentanglement from other public values enables better understanding of its distinctive features, which are peculiar only to it and cannot be substituted by other societal phenomena.

In a broader context the same model can be traced in such areas as religion, psychoanalysis, sports and jurisprudence. The Normative Value Of Competition 5. It implies that competition law will be explored from the internal perspective of competition; from the formal perspective of the law; and from the external perspective of politics.

Each of these four discourses is discussed in the respective sections of Chapter 4. This implies that they have to compete with each other for public and private acceptance in cultural spheres.

The essay argues that economics as science should be free of normative judgments for it to be respected as objective and to inform normative economics for example whether to raise the minimum wage.

The suggested bridging between the law and economics cannot form a happy medium: Some believe that the issues have been resolved, but the author shows that dealing effectively with fundamental questions as they relate to changing circumstances remains a key element in shaping the future of competition law.

Loyola University Chicago

They concentrate their attention exactly on the situations when formal rules conflict with immediate interests of society or individuals, implying that the obedience to the rules is itself in the long-term interests of society and individuals.

They are not perceived as synchronisers or harmonisers of the internal self-centricity of the three narratives of competition law. Place in economic methodology[ edit ] Friedman is acknowledged as a pivotal figure in the Chicago school of economics.

An independent public value of competition should not be taken as an absolute.

The Normative Foundations of European Competition Law

This insightful book addresses this question from philosophical, legal and economic perspectives and demonstrates exactly why the competitive process is a value independent from other legitimate antitrust goals. Instead, different accounts of the explored phenomena should be available.

The sporadic operationalisation of jurisprudence cannot make up the lacuna and often can, conversely, diminish its reliability. It will be argued that all the main approaches to antitrust policy and law can be divided in this respect into two rival groups. Further to this, some relevant solutions to persistent regulatory problems of antitrust are discussed.

The fifth chapter concentrates on mechanics of balancing, which reflects the main methodological aspects of coexistence of competition with other economic and social values.The Foundations of Positive and Normative Economics: A Handbook is the first book in a new series by Andrew Caplin and Andrew Schotter.

There is currently no guide available on the rapidly changing methodological frontiers of the field of economics. The US Supreme Court rulings on antitrust cases seem more to adopt a hybrid view between the Chicago and Harvard School’s prescriptions8 than an unconditional conversion to the Chicago dogma.

Chapter 1: Introduction

Secondly, the Chicago normative results far from meet consensus within antitrust law and economic scholars. See Michael S. Jacobs, An Essay on the Normative Foundations of An- titrust Economics, 74 N.C. L. R EV.–28 () (describing the Harvard and Chicago schools of antitrust analysis).

HOT DOCS VS. COLD ECONOMICS G EOFFREY A. MANNE∗ & E. MARCELLUS WILLIAMSON∗∗ The use of business documents to prove antitrust violations can be.

Macmillan ), "today we tend to view antitrust in technocratic terms", quoted in MS Jacobs, 'An essay on the normative foundations of antitrust economics' () 74 North Carolina Law Review This first essay in the book explores John Neville Keynes's distinction between positive and normative economics, what is vs.

what ought to be in economic matters.

Antitrust Economics and Competition Policy

The essay sets out an epistemological program for Friedman's own research. The essay argues that economics as science should be free of normative judgments for it to be respected as .

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An essay on the normative foundations of antitrust economics
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