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The Competition Law and Policy Institute of New Zealand held this annual workshop in Auckland on 7-8 August 2009. Experts in the area of competition policy convened to discuss a number of timely issues, including the role of dynamic efficiency in competition law, the Commerce Commission's regulatory functions, and multiparty representation and conflict of interest. NERA Director James Mellsop participated in a panel discussion entitled "Hard Times: Is Competition Law Flexible Enough to Cope?" Mr. Mellsop spoke in particular on the lessons that could be learned from the relaxation of antitrust policy during the Great Depression, and the relevant economic framework for the failing firm defense.