The efficiency test under competition law and regulation in the small distant open economy that is New Zealand

This paper considers the application of competition law and price regulation in the very small and isolated economy that is New Zealand. It argues that the total surplus (efficiency) criterion should be applied in tests of practices and actions where the competition threshold is not met or doubtful. Further, it argues that this criterion is admitted, if not required, under New Zealand statutes. The differential treatment of affected parties, including foreign investors, in measuring the surplus is considered.