Changing Views of Competition

Competition law in the EU is no longer centered on the role of the competitive process as a source of innovation and growth.’ This argument is made by Pera, the author of ‘Changing Views of Competition, Economic Analysis and EC Antitrust Law’. i) Explain the importance of economic analysis in the application of competition law,​‌‌‌‌‍‌‍‌‍‌‌‌‍‌‍‌‍‍‌​ and then ii) Critically assess the quote from Pera above. NB: the terms ‘competition law’ and ‘anti-trust law’ are generally interchangeable. In the US, the body of law that deals with competition policy is known as ‘anti-trust law’, as it developed from the regulation of trust agreements that were used by participants in anti-c​‌‌‌‌‍‌‍‌‍‌‌‌‍‌‍‌‍‍‌​competitive cartels.