Understanding competition policy: a suggested framework

Abstract

This paper defines the elements that comprise a competitive setting and clarifies the objectives of competition policy. The role and primary task of competition policy are emphasized. A framework for competition policy and the basic elements to implement it are spelled out. The major areas of competition policy are also identified and current competition policies in selected countries are briefly surveyed. The concluding section addresses some of the issues that confront competition policy.

JEL classification: L50, L43