Competition and Markets

Joseph Shaanan

Chapter Chapter 10 in Economic Freedom and the American Dream, 2010, pp 123-135 from Palgrave Macmillan

Abstract: Abstract In Adam Smith’s view of the working of the invisible hand, competition plays a crucial role. Competition counters greed and by so doing ensures the provision of goods and services at relatively reasonable prices. More generally, there is a popular belief in competition as a dynamic process leading to greater efficiency and prosperity. It is regarded as a catalyst for new technologies and innovations while also weeding out the inefficient and antiquated. To economists and social Darwinists, competition and competitive markets have beneficiai economic and social properties.

Keywords: Market Power; Free Market; Competitive Market; Economic Freedom; Domestic Firm (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-10223-1_10

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DOI: 10.1057/9780230102231_10

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