Competition: The Hidden Costs of the Invisible Hand

Michael Perelman

Challenge, 2001, vol. 44, issue 2, pages 85-124

Abstract: It has long been convenient to think of markets as operating in continuous and uninterrupted ways as they find their way to economic efficiency. But this economist is interested in the real-world irregularities that can disrupt markets and, at times, whole economies. Can there simply be too much competition at times? asks the author. In this fresh and provocative piece - one of the few theoretical pieces we publish - the author raises ssues that are too often forgotten. Just how inherently stable is our economy?

Date: 2001

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