New directions in competition policy: an overview

Abstract

Competition policy has faced increasing scrutiny in recent years, with tension between traditional antitrust frameworks and contemporary critiques, including the 'hipster antitrust' movement. Some of the critics contend that competition policy has failed to address the growing market power of dominant firms, especially in the digital sector. This issue of the Oxford Review of Economic Policy explores the validity of these claims and their potential implications for the future of competition policy. It also examines how emerging methodologies, particularly those rooted in data science, can enhance our understanding both of how firms behave and how competition authorities and courts make decisions. This article summarizes a diverse range of contributions from academics, regulators, and practitioners in law and economics. It concludes with a discussion of how competition economics might adapt to the challenges posed by the hipster antitrust movement and the rapid changes in how firms compete.