The journey from theory to practice in the field of competition law

Abstract

Abstract This article considers the important relationship between law and economics in the field of competition law. The article shows how economics has become a dominant discipline in the field and the difficulties this development has given, and is likely to give, rise to in practice. In doing so, the article considers the heavy reliance which lawyers in particular have come to place on economics. The article offers a number of illustrations taken from different areas of competition law and policy in order to support the analysis and arguments therein. The article offers a perspective on what the exact relationship between law and economics should be and what role lawyers should play in order to facilitate a smooth transition from theory to practice and ultimately ensure that competition law is developed and applied correctly and in a way that matches the realities of markets and the business world.