| Effects of Competition Policy on Macroeconomic Outcomes |
Hyung Ju Hong, |
| Korea Fair Trade Commission, Sejong, Republic of Korea |
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Corresponding Author:
Hyung Ju Hong ,Email: hhj2020@korea.kr |
| Copyright ©2022 The Journal of Economic Integration |
| ABSTRACT |
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This paper examines existing empirical research regarding the importance of competition and competition policy for variables relevant to macroeconomic outcomes. This research provides evidence on the correlations between competition, competition policy, and macroeconomic outcomes, such as productivity, growth, innovation, employment, and inequality. Competition policy is demonstrated to bring multiple benefits for macroeconomic outcomes in several economic studies. Gains from enhanced competition can essentially be divided into efficiency and redistribution effects. Efficiency gains result from the positive impact of competition on productivity growth, which allows firms and industries to produce more and better products and services at lower cost, whereas redistribution effects are associated with the impact of competition on inequality and employment in the market.
JEL Classification
L44: Antitrust Policy and Public Enterprises, Nonprofit Institutions, and Professional Organizations
O49: Other
O57: Comparative Studies of Countries
I38: Government Policy; Provision and Effects of Welfare Programs
J48: Public Policy |
| Keywords:
Competition policy | productivity growth | economic equality | employment
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