Abstract
This chapter provides an introduction to, and basis for, the material discussed in the subsequent chapters and sets competition law in its economic and political context. It introduces some relevant concepts of microeconomics including demand curves, consumer and producer surplus, elasticity of demand, and economies of scale and scope. It discusses the model of perfect competition and the concepts of allocative, productive, and dynamic efficiency; the problems in competition terms of monopoly and oligopoly; and the concept of welfare, particularly consumer welfare. It considers various schools of competition analysis and theories and concepts relevant to competition law. It discusses the possible objectives of competition law, and particularly considers the objectives of EU competition law. The chapter also looks at US antitrust law; competition law and regulation; and outlines the law on State aid. It introduces the problem of the application of EU competition law to the digital economy (dealt with in full in Chapter 16).
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