Australian competition law

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Is competition regulation an oxymoron?

Australia needs a full-time, focussed competition watchdog that applies the law using state-of-the-art economics, understanding the ambiguities and subtleties of market interactions, writes Professor Stephen King.

Competition and the law – economically sound, or theoretically patchy?

If you look across today’s media, discussion about the level of modern competition appears to be everywhere. Headed by Coles and Woolworths, Australians are slowly seeing numerous facets of their everyday lives taken over by the large conglomerates – petrol, insurance, let alone the (decreasing number of) brands that can be physically purchased when heading to the supermarket.

An interesting question for consideration, at least in my view, is how our legal and enforcement systems actually deal with changes in competition, and how ‘economic’ their motives behind their decisions really are. How does the judiciary impose law onto what would otherwise be the free market – and, for those of us with a piqued interest in the subject, where do economic advisers fit in?

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