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62 N. Ir. Legal Q. 523 (2011)
The Concept of Perfect Competition as the Law of Economics: Addressing the Homonymy Problem

handle is hein.journals/nilq62 and id is 531 raw text is: NILQ 62(4): 523-38 The concept of perfect competition as the law of economics: addressing the homonymy problem OLEs ANDRIYCHUK* ESRC Centre for Competition Policy, University of East Anglia Abstract The rapid expansion of econoimi analysis is risible in many areas of la. In some of temn in antitrust in particular -cO/i://c reason ing is already perceied as the dominait discou/rse This artc/c is an attempt to contemplae a reversex anah sis Instead of addressiag the legal donmain roim the perpective of economnis it fries to explore the econ/omic d/sip/lie through the lens 0/ a lawyel The anialysis is directed at oae of the 1in/p/ces of iieoclassial econocs - the concept of perfect competition: part to exp/ore its con/st/tut/ve io/e /in eco/nm rasom/, bat abo in order to atlate the i/soncept/i with ahich some ecoaomists approa~ch kgal/ reguiation of econoi~i~c re/atioas, It acismpts to exp/aia w'hi econoi~~c aina sis is bound to address broad/er soietaprobems ia purel pragmatic wa, qiu ating te w'ho/e spectrum of societa/ va/es reducing them to te commoa econic denomnator of ejicieac. This eature o economits is embedded en its epistemuo/ogy an/d should /ot be perceived as its no/manie claim. Ini other wsoids, the Jact that we/fai ecoiiomisredaces the socia/ iterests to cost-benieit calculus does not automatical characterise it as beiig iiesponsive to the socia/ e beddediess prob/em. Introduction S ocial institutions have always played a significant role in the market process. However, this role has not always been recognised. Many thinkers have tried to develop an algorithm for reconciling laissez-faire principles of market economy with broader societal needs. The issue has been addressed particularly by economists, lawyers and political scientists. All three disciplines were later influenced by sociology which, despite developing its apparatus relatively recently (compared to the three older counterparts), often provides guiding principles for other disciplines in this respect. Economic sociology perceives the social aspects of economic relations as its core subject area. Polanyi is considered among the most influential thinkers in this field. He msethodo/ogically criticises the dominant early twentieth-century view on the natural spontaneity of the market process, conversely considering the societal reaction to laissez-faire as a spontaneous response to excessive liberalism. On the normative side, he insists upon the necessity of restricting survival-of-the- Post-Doctoral Research Fellow I am very grateful to the HSRC Centre for Competition Policy, University of East Anglia, Norwich, for enabling constantinterdisciplinarN dialogues between its members and, in particular, to Andreas Stephan for his comments as well as to the anonymous referees for providing valuable suggestions to the structure and content of this article. The usual disclaimer applies. 1 K Polanyi, The Great Transforma.ion New York: Octagon Books 1980), pp. 46-8.

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