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Classical vs. Neoclassical Conceptions of Competition

Lefteris Tsoulfidis

Discussion Paper Series from Department of Economics, University of Macedonia

Abstract: This article discusses two major conceptions of competition, the classical and the neoclassical. In the classical conception, competition is viewed as a dynamic rivalrous process of firms struggling with each other over the expansion of their market shares. This dynamic view of competition characterizes mainly the works of Smith, Ricardo, J.S. Mill and Marx; a similar view can be also found in the writings of Austrian economists and the business literature. By contrast, the neoclassical conception of competition is derived from the requirements of a theory geared towards static equilibrium and not from any historical observation of the way in which firms actually organize and compete with each other.

Keywords: Classical Competition; Regulating Capital; Incremental Rate of Return; Rate of Profit; Perfect Competition. (search for similar items in EconPapers)
JEL-codes: B12 B13 B14 L11 (search for similar items in EconPapers)
Date: 2011-11, Revised 2011-11
New Economics Papers: this item is included in nep-com, nep-hme and nep-hpe
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Citations: View citations in EconPapers (3)

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Working Paper: Classical vs. Neoclassical Conceptions of Competition (2012) Downloads
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