What is competition?

K. S. Degtyarev ()

Journal of Modern Competition, 2009, issue 4, 67-74

Abstract: The discussion on Friedrich Hayek's work «The Meaning of Competition» initiated by the journal rose vivid interest among representatives of the modern competition theory. We would like to remind our readers that in «The Meaning of Competition» Hayek scrupulously and critically analyzes one of the basic notions of the neoclassical economic - the notion of «perfect competition». Hayek opposes the dynamic understanding of competition worked out by the Austrian school to the static one accepted by neoclassic representatives. In his opinion the notion of «perfect competition» however paradoxical it may sound excludes any competitive activity. The theory of «perfect competition», Hayek warns, is not only far from reality but very often it turns out to be a source of bad practical recommendations (such as to obligatory standardize products etc.). In the form of an open discussion the editors publish D. E. O'Grafov's ideas on the implementation of Hayek's theory in the modern conditions.

Keywords: competition; real competition; restrictions and side effects of competition; monopoly (search for similar items in EconPapers)
Date: 2009
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