To Think Like an Economist A Challenge for Antitrust Lawyers

Abstract

My paper points to the structural problems in the area of antitrust lawyers’ education and the necessity to recognize economics as a fundamental domain (and not as auxiliary science) in the application of competition law. Independent specialized antitrust courts should be established, and economic education should be mandatory for judges. Economics is a knowledge-intensive domain, and the acquisition of economic knowledge requires special advanced studies. It is not sufficient for lawyers to occasionally familiarize themselves with economic reports and papers. That is not serious. The appropriate response is to integrate economics in the studies of competition law and to establish independent specialized antitrust courts, which would be able to routinely study and to critically and rationally evaluate the antitrust economic and legal questions. Parallelly, economists should be trained in law and support the teams of lawyers of the regulatory authorities. Economists can help courts devise, refine, and reform economic tests.