Competition in Enlightenment Economists (with Some Teachings for Today)

Cosimo Perrotta

Chapter Chapter 5 in Human Capital, 2023, pp 81-103 from Springer

Abstract: Abstract Competition was considered by Enlightenment authors as the major output of capitalism. It allowed the latter to overcome definitively feudal society, which was static and based on privileges and prepotency. It substituted it with a dynamic society and an impersonal process of exchange and distribution in which merits prevail. The authors stress that competition eliminates the inequalities due to monopolies and prohibition of selling land property; reduces prices and advantages the consumer; encourages industry and efficiency; and increases general welfare. For these authors, competition means economic freedom, against the possible prepotency of the state. However, Enlightenment economists believed (except Turgot) that competition leads towards high wages. They were not yet aware that technical progress, generated by competition, in the short run creates unemployment and lowers wages unless it is supported by public policies for employment and new production fields.

Keywords: Competition; Feudal society; Freedom; Enlightenment; High wages (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-34494-7_5

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DOI: 10.1007/978-3-031-34494-7_5

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