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Between Microeconomics and Geopolitics: On the Reasonable Application of Competition Law

Lookup NU author(s): Professor Oles Andriychuk

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Abstract

© 2021 The Author. The Modern Law Review © 2021 The Modern Law Review Limited.For decades competition law was interpreted and applied through the prism of the economic analysis of law. This approach has advantages, enabling one to master both the methodological and normative features of the field. The use of economic rationality helps one to understand the motivation of market agents. The use of advanced mathematics allows robust modelling of the wide variety of empirical and theoretical factors. The use of efficiency and consumer welfare helps one to calibrate the goals of competition law. Such a ‘standard’ perception of the discipline, however, is in a deep crisis, and – as this article explains – chiefly for the right reasons. The conceptual divide between the representatives of Law and Economics and those adhering to a more societal account of competition law has many levels and dimensions. This article investigates the foundational aspect of the divide: the divergence in epistemic perception of legal and economic expertise.

Publication metadata

Author(s): Andriychuk O

Publication type: Article

Publication status: Published

Journal: Modern Law Review

Year: 2022

Volume: 85

Issue: 3

Pages: 598-634

Print publication date: 28/04/2022

Online publication date: 26/10/2021

Acceptance date: 07/09/2021

ISSN (print): 0026-7961

ISSN (electronic): 1468-2230

Publisher: John Wiley and Sons Inc

URL: https://doi.org/10.1111/1468-2230.12700

DOI: 10.1111/1468-2230.12700

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