Abstract
AbstractThis paper investigates efficiency and freedom as joint foundations of market economies. Whereas ideal perfect competition accommodates Mill’s principle of individual liberty in the economic arena, in real world, imperfectly competitive, markets economic freedom and efficiency appear often as conflicting values. Building on J. S. Mill’s utilitarian defense of free trade inOn LibertyChapter V, this paper puts forward a consequentialist defense of economic freedom under imperfect competition. Defense rests on the instrumental value of equal freedom, enjoyed by every market agent, as a source ofgeneralwelfare in a world of dispersed information amonguniquehuman beings. The paper has a clear impact on contemporary antitrust debate, supporting neo-Brandesians’ rehabilitation of Structuralism in antitrust also on well founded, economic,i.e.efficiency, reasons.
Funder
Università Cattolica del Sacro Cuore
Publisher
Springer Science and Business Media LLC
Subject
General Economics, Econometrics and Finance
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