Why should I care about competition law?
There are a number of reasons that you should care about competition law, depending on who you are.
If you are a consumer, then competition in a market ensures that you always enjoy a wider variety of product choices at higher quality and for better prices. It does this by ensuring that the businesses in the market are always competing against each other fairly so that they have an incentive to give you their best offerings.
If you are a business, you will want to ensure that your competitors are competing fairly and not robbing you of a chance of achieving maximum efficiency and competing in a fair market place. Whether you are an individual enterprise or a company, you need to know the rules of the game of business and how to comply with them so that you do not incur needless expense and loss by breaching the relevant laws.
If you are a student, exciting career prospects are open to you if you can learn about and enter this new area of law, which will become increasingly relevant in the world of business.
What is competition law?
A body of rules aimed at maintaining a competitive business environment while preventing behaviour that distorts that environment.
What are the objectives of competition law?
There are many and varied objectives of competition law which differ across jurisdictions, but the most common are to achieve efficiency in the market place, and to promote economic welfare, and consumer welfare.
What roles does economics play in competition law and policy?
Economics is central to competition law and, in fact, has guided the legal principles of competition law. It is also used to create tools and techniques to measure the effects of certain common business practices which may affect competition in a particular market.