The Virtue of an Imperfect Competition Law

Imperfect competition is not necessarily a curse. It evokes an environment in which firms compete on multiple dimensions to satisfy heterogeneous consumer preferences. This can create a tension between competing social goals. Inevitably, we must decide which of these goals should guide competition law. In making this decision, we must accept that it is impossible to reconcile these goals or to rank them in an order that applies to everyone, at all times. Thus, the choice of which objective to pu