Competition Or Monopoly The Implications Of Complexity Science Chaos Theory And Evolutionary Biology For Antitrust And Competition Policy

Predicting the competitive and economic impacts of business conduct and relationships ranging from horizontal marketing joint ventures to vertical restraints demands an assessment and understanding of "immeasurable dynamic relationships." Despite the assiduous efforts of economists and lawyers to bring order and predictability to the competitive effects evaluation process, antitrust regulation and decision making are guided as much by assumptions and values, as they are by neutral economic or scientific principles. We should look to the teachings of complexity science, chaos theory, and evolutionary biology to better understand our complex competitive economic system and to identify potential emergent forms of order. In so doing, we will gain a greater appreciation for the importance of diversity and ongoing competition at all levels of our economic system. We also must keep foremost in mind that effective antitrust regulation requires a continuing effort to delicately balance conflicting implied values such as freedom and fairness, competition and collaboration, and diversity and efficiency. We need to recognize that maximum economic diversity and welfare creation will be realized through fair competition and voluntary contractual relationships based on trust, reciprocity, and fairness.