The role of market power in economic growth: an analysis of the differences between EU and US competition policy theory, practice and outcomes
View/ Open
Use this link to cite
http://hdl.handle.net/2183/23400Collections
Metadata
Show full item recordTitle
The role of market power in economic growth: an analysis of the differences between EU and US competition policy theory, practice and outcomesDate
2016Citation
Ciriani, S., & Lebourges, M. (2016). The role of market power in economic growth: an analysis of the differences between EU and US competition policy theory, practice and outcomes. European Journal of Government and Economics, 5(1), 5-28. https://doi.org/10.17979/ejge.2016.5.1.4313
Abstract
[Abstract The European Union has experienced weak economic performance over the past 15 years, compared to the United States. In order to restore investment, innovation, and therefore growth, the European Commission seeks to raise the level of static competition in all markets. The Commission’s economic policy is largely determined by its competition policy. This policy is derived from its doctrine on competition law, which regards the exercise of market power as a source of inefficiency and advocates that its effects should be banned. By contrast, the United States competition authorities, under the influence of the Chicago School, consider that market power is a necessary incentive to invest and a fair return on investment. Recent findings in economic growth theory, which state that increased competition intensity may harm endogenous innovation, provide a theoretical basis to support the United States approach and call for a review of European doctrine.
Keywords
Antitrust
Competition
Endogenous growth
Innovation
Market power
Market structure
Competition
Endogenous growth
Innovation
Market power
Market structure
Editor version
Rights
Atribución 4.0 España
ISSN
2254-7088