The internal consistency of perfect competition

Jakob Kapeller and Stephan Pühringer

The Journal of Philosophical Economics, 2010, vol. 3, issue 2, 134-152

Abstract: This article surveys some arguments brought forward in defense of the theory of perfect competition. While some critics propose that the theory of perfect competition, and thus also the theory of the firm, are logically flawed, (mainstream) economists defend their most popular textbook model by a series of apparently different arguments. Here it is examined whether these arguments are comparable, consistent and convincing from the point of view of philosophy of science.

Keywords: perfect competition; mainstream economics; theory of the firm; conflicting assumptions (search for similar items in EconPapers)
JEL-codes: B41 M21 (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:bus:jphile:v:3:y:2010:i:2:p:134-152

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