This module is articulated in 4 parts. First, the different goals that underlie competition policy and law are discussed. While the negative welfare consequences of monopoly power justify the need for competition rules, economic efficiency is not the only possible goal of competition policy: rules of competition law may be inspired by other considerations, such as consumer welfare, defence of smaller firms, promotion of market integration and fairness. Second, an overview of the evolution of the thinking and approach to competition law will be provided: competition rules may be adapted as the underlying economic theory changes in both space and time, and accordingly the outcomes of competition law cases may be affected by changes in the underlying theory. The third part will then address the notion of market power and devote a critical analysis to the concept of relevant market, which forms the basis of the assessment of market power. The fourth part will contain an economic analysis of the substantive rules of competition law, including the prohibition of horizontal restraints, the regulation of vertical restraints and of abuses of dominant position.    

Throughout the course, frequent comparisons between the US and the EU will be drawn. Since competition laws are often phrased in deliberately general terms, they get their precise meaning when competition authorities and courts interpret them. For this reason, leading cases from the EU and the US will be discussed.