Championing competition

An Office of Fair Trading case study We live in an economic system that is generally good at channelling scarce resources towards meeting consumers’ needs. One reason for this is that markets are efficient at processing data. Every day, the preferences of millions of consumers are fed into the market e.g. when we buy biscuit B rather than biscuit A and book holiday D in preference to holiday C. Our spending preferences act as signals to producers; manufacturers and suppliers respond to consumer choices by…