Two views of competition: “Is it peace or war?”

Rodolphe Dos Santos Ferreira

The European Journal of the History of Economic Thought, 2012, vol. 19, issue 6, 852-867

Abstract: On the basis of the 19th century mathematical economics literature initiated by Cournot, the paper shows the coexistence of two contrasting views of competition, which may be associated, as already suggested by Edgeworth, with the two themes of peace and war. According to the first view (Jevons, Walras, Marshall), competition is characterised, independently of market structure, by the peaceful price taking conduct of consumers and producers. Rivalry is not completely absent, but it concerns the interaction of mediating professional dealers. According to the second view (Bertrand, Launhardt), competition appears as an aggressive strategic interaction between producers.

Date: 2012
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DOI: 10.1080/09672567.2012.735685

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