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The Assessment: Competition Policy

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  • Hay, Donald

Abstract

The paper advances four propositions concerning the objectives, content, and institutions of competition policy. First, the role of policy should be to advance economic efficiency, rather than competition for its own sake, or some wider definition of the public interest. Second, economic analysis is generally ambiguous, a priori, about the efficiency effects of particular market structures and conduct. Third, the design of policy and institutions needs to reflect this ambiguity. Policy rules are essential, but there should be scope for parties to argue countervailing efficiency benefits. A policy institution should be empowered to identify, investigate, and propose remedies for failures of competition, subject to review by an independent competition tribunal. Fourth, international harmonization of competition policies is essential. Current policies in the U.K. and EC, and relationships between the two, are evaluated, and the case made for a radical reform of U.K. policy. Copyright 1993 by Oxford University Press.

Suggested Citation

  • Hay, Donald, 1993. "The Assessment: Competition Policy," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 9(2), pages 1-26, Summer.
    • Handle: RePEc:oup:oxford:v:9:y:1993:i:2:p:1-26
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    Cited by:

    1. Hoekman, Bernard M. & Mavroidis, Petros C. & DEC, 1994. "Linking competition and trade policies in Central and Eastern European countries," Policy Research Working Paper Series 1346, The World Bank.
    2. Natalya Yu. Yaroshevich & Vasily V. Migunov, 2023. "Sustainable development vs Effective competition: Empirical analysis of industry-specific mechanical engineering markets," Upravlenets, Ural State University of Economics, vol. 14(1), pages 47-59, March.
    3. Gordon L Clark & Paul Bennett, 2001. "Dutch Sector-Wide Supplementary Pensions: Fund Governance, European Competition Policy, and the Geography of Finance," Environment and Planning A, , vol. 33(1), pages 27-48, January.
    4. Javier Campos Méndez & Juan Luis Jiménez González, 2003. "Old and new ideas in Competition Policy," Documentos de trabajo conjunto ULL-ULPGC 2003-06, Facultad de Ciencias Económicas de la ULPGC.
    5. Jackie Krafft, 2000. "Introduction to the process of competition," Post-Print hal-00212278, HAL.
    6. Ross C. Singleton, 1997. "Competition Policy For Developing Countries: A Long‐Run, Entry‐Based Approach," Contemporary Economic Policy, Western Economic Association International, vol. 15(2), pages 1-11, April.

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