On competition and the theories of value and distribution

Jamee K. Moudud

Chapter 10 in Research Handbook on Law and Political Economy, 2025, pp 163-176 from Edward Elgar Publishing

Abstract: A family debate dominates mainstream economics, in which proponents of austerity and free trade within the framework of Margaret Thatcher's “There Is No Alternative” (or TINA) debate liberals who propose “state intervention” in the face of “market failures”. By focusing on competition, distribution, and foreign trade the current chapter challenges this debate. It provides a critique and alternative to the production function framework as well as neoclassical models of competition. Finally it discusses an alternative theory of business competition (rooted in the Oxford Economists Research Group findings) and international trade foregrounding the discussion with the insights of the Legal Realist and Original Institutional Economics tradition.

Keywords: Competition; Trade; Original Institutional Economics; Legal Realism (search for similar items in EconPapers)
Date: 2025
ISBN: 9781803921181
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