ZWeR 2009, 269

RWS Verlag Kommunikationsforum GmbH, Köln RWS Verlag Kommunikationsforum GmbH, Köln 1611-1982 Zeitschrift für Wettbewerbsrecht ZWeR 2009 AufsätzeRoger Zäch* / Adrian Künzler**

Efficiency or freedom to compete? Towards an axiomatic theory
of competition law

This article discusses the economic concepts that underlie competition law, especially in light of recent developments of EU competition policy. According to the more economic approach, the function and purpose of competition law shall no longer be that of ensuring the freedom to compete but rather the promotion of economic and social welfare. However, at the core of these concepts lies the idea that the preferences of market participants should be the relevant normative criterion for appropriate decisions about the objectives of competition policy. Emphasizing this criterion allows us to find a basis for an interdisciplinary discussion about the role and function of competition law and about the role of economics in competition law in general.

Contents

  • I. Introduction
  • II. The problem of establishing a criterion for determining economic welfare
    • 1. Balancing welfare-enhancing and welfare-reducing efficiencies
    • 2. The balancing problem
    • 3. Evaluating advantages and disadvantages
  • III. The problem of value neutrality
    • 1. The freedom paradox
    • 2. Preference autonomy and preference-interference
  • IV. On the goal conflict between freedom of competition and good market outcomes
    • 1. Compatibility of free competition and good market outcomes
    • 2. Enhancing welfare through preference-interference
  • V. Legal implications of the more economic approach
    • 1. Reduction of the scope of competition law
    • 2. Balancing of interests and calculus of economic efficiency
  • VI. The axiomatic character of competition paradigms
    • 1. The impossibility of proving competition paradigms
    • 2. Implications for competition policy
  • VII. Concluding remarks
*
*)
Professor of Law em., Director at the Europa Institute, University of Zürich
**
**)
Dr. iur., District Court of Zürich

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