 The Wastes of CompetitionKurt Rothschild
A chapter in Monopoly and Competition and their Regulation, 1954, pp 301-314 from Palgrave Macmillan Abstract: Abstract The growing specialization of economists in this century has led to a neglect of some of the more general and sweeping questions that used to be asked as a matter of course in nineteenth-century books on economics. Today the lyrical enthusiasm or the condemning remarks that could usually be found about the beauties of competition 1 have largely vanished from most text-books and are more at home in political pamphlets than in economic treatises. The whole problem of the advantages and disadvantages of competition has, however, again come to the fore in at least some circles of economists as a consequence of the spectacular developments of economic theory in the inter-war years. Imperfect and monopolistic competition theory helped to crystallize the full meaning of pure and perfect competition and showed how rare and exceptional it is, while the Keynesian system laid bare the ‘normality’ of the rigidities in the present-day capitalistic system and of the stability of under-employment equilibrium. Keywords: Socialist Economy; Excess Capacity; Competitive System; Free Enterprise; Imperfect Knowledge (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-08434-0_16 Ordering information: This item can be ordered from DOI: 10.1007/978-1-349-08434-0_16 Access Statistics for this chapter More chapters in International Economic Association Series from Palgrave Macmillan |
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