Competition policy needs taking into account the more economic approach to competition law, in particular with regard to IT and electronic communications, to deal with the problem of determining the dynamics of innovation. The challenging issues are those of applying Art.102 of the Treaty to, e.g.: essential facilities, imposing compulsory licenses, defining the collective market dominance, linked transactions, cartelization and concentration, as well as the determinants of effective consumer protection. Problems arising from the more economic approach in competition law are: the danger of relativization of rules; legal uncertainty; rising costs; length and complexity of procedures; conflict between the so-called per se. rule and rule of reason in the application of competition law; and designing optimally diversified rules and regulations to provide stable and secure competitive freedom to business. The use of economic knowledge in the field of competition law involved inspirations mostly from neoclassical equilibrium theory, while ideas belonging to development economics, behavioral economics, workable competition theory and strategic analysis were underrated. There is no unified theory of competition, but new approaches are developing, e,g, in industrial economics, new institutional economics and the Austrian School. But the lawmakers are often not clear about their goals and values which make them choose a particular theory. This leads to neglecting the development trends and the dynamic competition which promotes innovations in the economy.