Social Biases and Recent Theories of Competition

William H. Nicholls

The Quarterly Journal of Economics, 1943, vol. 58, issue 1, 1-26

Abstract: Introduction: importance of recognizing the relative nature of "truth," 1. — I. Historical interrelationships between economic thought concerning competition and the social environment, 3. — II. Emergence of theories of imperfect (or monopolistic) competition, 8. — Danger that these may also present a distorted picture of reality, 9. — Their relation to empirical investigation, 10. — Other limitations on their direct usefulness, 12. — The nature of "scientific method," 12. — III. Relation of the new theories to public policy toward business, 14. — Need for humility, 16. — IV. Impact of this aspect of theory upon the social environment, 18. — The New Deal, 18. — Danger in short-run political expediency, 21. — V. Conclusions, 22.

Date: 1943
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