In developing a clear analysis of the practical relations between economics and law, no jurisdictions have been more exemplary than Australia and New Zealand. And the fountainhead of this important work, it is now generally agreed, lies in the theory and practice of the economist Maureen Brunt. A member of the influential Australian Trade Practices Tribunal since its inception, as well as a lay member of the New Zealand High Court in numbers of competition cases, the author has expanded the field of competition law in fundamental ways that are only now becoming recognized for their great value by other jurisdictions, notably the European Community. As Valentine Korah says in her Foreword, it is unusual to find an economist who contributes to the fabric of the law itself as distinct from the policy objectives.
In this thirty year retrospective of her most important essays, lawyers and others occupied with competition issues will find a rich harvest of insights into the interdependence between law and economics, and the manner in which they should be blended in the courts. The contributions include the following: the development of conceptual schemes that are both economically meaningful and legally operational; in-depth investigation of the core problems of market definition and market appraisal; development of a concept of competition as the inverse of market power; and techniques for making the best use of economists' expert evidence.
The essays appear here in the order in which they were first published, and thus represent a kind of historical progression, reflecting both developments in Australian and New Zealand law and in the depth and scope of the author's own thinking. It would be a mistake to see her work as limited by jurisdiction or cultural peculiarities. As more and more scholars and practitioners discover, there is here not only a contribution to the field of comparative law but also a rigorous delineation of the crucial intersecting patterns of law and economics that transcends all borders and attains a universal significance.
The book contains two entirely new chapters, one a lengthy introduction and updating, the other a pithy epilogue.
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Preface by Professor Emeritus Valentine Korah,
Foreword by Professor Allan Fels,
Acknowledgements, Australian and New Zealand Law Reports 1. AUTHOR’S INTRODUCTION I.
The Book and its Author II.
Introduction to Australian and New Zealand Competition Law and Institutions III.
Commentary on the Essays 2. LEGISLATION IN SEARCH OF AN OBJECTIVE (1965) I.
Preliminary Appraisal II.
Ends and Means IV.
Policy for Australia V.
Some Detailed Proposals and Questions 3. LAWYERS AND COMPETITION POLICY (1976) 1.
An Agenda for Thought II.
The Scope of Competition Policy and the Bias of Court-Enforced Controls III.
The Legal Process and Monopoly IV.
Concluding Reflections 4. THE USE OF ECONOMIC EVIDENCE IN ANTITRUST LITIGATION: AUSTRALIA (1986) I.
Overview of the Law and its Enforcement III
. Issues for which Economic Evidence is Utilised IV.
Particular Issues V.
The Role of Economists and of Economics 5. “MARKET DEFINITION” ISSUES IN AUSTRALIAN AND NEW ZEALAND TRADE PRACTICES LITIGATION (1991) I.
The Australian and New Zealand Statutory Requirements III.
Competition and Market Power IV.
An “Economically Meaningful” Market Concept for Trade Practices Usage Eight Questions Regarding V.
Markets 6. AUSTRALIAN AND NEW ZEALAND COMPETITION LAW AND POLICY (1992) I.
Brief Overview of the Two Laws and their Enforcement III.
The Developing Australian and New Zealand Response to Some Standard Methodological Questions IV.
Policy Issues of Current Importance 7. THE AUSTRALIAN ANTITRUST LAW AFTER 20 YEARS – A STOCKTAKE (1994) I.
Anatomy of the Law III.
The Initial Challenge IV.
What Have We Achieved? V.
What Have We Learnt? VI.
Some Distinctive Features of Australian Antitrust VII.
The Challenge of the ’90s and the Limits of Australian Antitrust VIII.
Recapitulation and Conclusion References 8. ANTITRUST IN THE COURTS: THE ROLE OF ECONOMICS AND OF ECONOMISTS (1999) I.
Antitrust as Economic Law III.
Reception and Role of Expert Economic Testimony IV.
Composition of the Court 9. CLOSING REFLECTIONS
Publications on Competition Law and Industrial Organization, Index