Semi-perfect Competition

Harold Lydall

Chapter 3 in The Entrepreneurial Factor in Economic Growth, 1992, pp 23-35 from Palgrave Macmillan

Abstract: Abstract I use the phrase ‘semi-perfect competition’ to describe a combination of (approximately) perfect competition in product markets with imperfect competition in the supply of technology and of the hired factors of production. The combination of these perfect and imperfect ingredients creates a ‘hybrid’ type of competition, which is more realistic than perfect competition and, for that reason, more instructive and more theoretically useful. This hybrid type of competition is also an essential theoretical stepping stone towards the construction of a realistic model of imperfect competition in the normal sense. I shall start by considering the effects of imperfect knowledge of technology, and then examine the effects of imperfect competition in factor markets. The final section of this chapter will be concerned with the equilibrium of an industry operating under conditions of semi-perfect competition.

Keywords: Small Firm; Large Firm; Family Firm; Average Cost; Factor Market (search for similar items in EconPapers)
Date: 1992
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37446-1_3

Ordering information: This item can be ordered from
http://www.palgrave.com/9780230374461

DOI: 10.1057/9780230374461_3

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().