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The British Academy Keynes Lecture
Download Economics for consumer policy (pdf 314 kb)
by John Vickers
Chairman, Office of Fair Trading
Consumer policy and competition policy are logically and institutionally intertwined. But while economics has had immense influence on competition policy, it has had much less to do with consumer policy. So whatever else may be said of consumer policymakers, they are not, in Keynes's famous phrase, 'slaves of some defunct economist'. Indeed, economics would seem at times not to be a very effectively employed servant to consumer policy. My theme, then, will be that economics can and should do more for consumer policy.
Back to: 2003