The Impossibility of Competition

Joan Robinson

A chapter in Monopoly and Competition and their Regulation, 1954, pp 245-254 from Palgrave Macmillan

Abstract: Abstract Nowadays everyone is willing to admit that the traditional theory of value based on the assumption of perfect competition is highly unrealistic and that competition in practice is very imperfect. I wish to carry the argument a step further and to maintain that there are logical contradictions in the basic conception of competition as an equilibrium state of affairs.

Keywords: Family Firm; Theoretical Problem; User Cost; Average Total Cost; Normal Profit (search for similar items in EconPapers)
Date: 1954
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-08434-0_12

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DOI: 10.1007/978-1-349-08434-0_12

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