Perfect Competition and the Creativity of the Market

Perfect Competition and the Creativity of the Market

The complete theory of competition cannot be known because it is an open-ended theory; it is always possible that a new range of problems will be posed in this framework, and then, no matter how well-developed the theory was with respect to the earlier range of problems, it may require extensive ela...

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Veröffentlicht in:Journal of economic literature 2001-06, Vol.39 (2), p.479-535
Hauptverfasser: Makowski, Louis, Ostroy, Joseph M.
Format: Artikel
Sprache:eng
Schlagworte:
Commodities
Competition
Creativity
Economic competition
Economic rent
Economic theory
Efficient markets
Marginal products
Opportunistic behavior
Perfect competition
Socialism
Studies
Trade gains
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Zusammenfassung:The complete theory of competition cannot be known because it is an open-ended theory; it is always possible that a new range of problems will be posed in this framework, and then, no matter how well-developed the theory was with respect to the earlier range of problems, it may require extensive elaboration in respects which previously it had glossed over or ignored. (George Stigler 1957, p. 14)
ISSN:0022-0515
2328-8175
DOI:10.1257/jel.39.2.479