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Perfect Competition and the Creativity of the Market

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Author Info
Louis Makowski
Joseph M. Ostroy

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Abstract

From the perspective of the Walrasian general equilibrium model, entrepreneurial and opportunistic behavior seems foreign. Can the model be refashioned so that it can accommodate such behavior? Many would say no, but we argue the contrary. Indeed, we present a reformulation of the model that serves as a gateway to, rather than a detour from, such contemporary issues as innovation and incentives. The trick is to reexamine what perfect competition means. Starting with an historical summary of general equilibrium, we sketch an image of the perfect competitor as an active market opportunist, seeking out profit potentials wherever he can.

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Publisher Info
Article provided by American Economic Association in its journal Journal of Economic Literature.

Volume (Year): 39 (2001)
Issue (Month): 2 (June)
Pages: 479-535
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Handle: RePEc:aea:jeclit:v:39:y:2001:i:2:p:479-535

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  3. Alberto Battistini, 2008. "Micro-Founded Institutions and Macro-Founded Individuals: The Dual Nature of Profit," Department of Economics University of Siena 550, Department of Economics, University of Siena. [Downloadable!]
  4. Oliver E. Williamson, 2005. "The Economics of Governance," American Economic Review, American Economic Association, vol. 95(2), pages 1-18, May. [Downloadable!]
  5. Kirsten Foss & Nicolai J. Foss, 2002. "Creating, Capturing and Protecting Value A Property Rights-based View of CompetitiveStrategy," DRUID Working Papers 02-02, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies. [Downloadable!]
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  6. Nicolai J. Foss, 2002. "The Strategy and Transaction Cost Nexus Past Debates, Central Questions, and Future Research Possibilities," DRUID Working Papers 02-04, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies. [Downloadable!]
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  8. Alberto Battistini, 2007. "Surplus-Value, Distribution and Exploitation," Department of Economics University of Siena 518, Department of Economics, University of Siena. [Downloadable!]
  9. Kim, Jongwook & Mahoney, Joseph T., 2008. "A Strategic Theory of the Firm as a Nexus of Incomplete Contracts: A Property Rights Approach," Working Papers 08-0108, University of Illinois at Urbana-Champaign, College of Business. [Downloadable!]
  10. Alberto Battistini, 2006. "The Role of Inter-Group Relationships in Institutional Analysis," Department of Economics University of Siena 487, Department of Economics, University of Siena. [Downloadable!]
  11. Khan, M. Ali Khan, 2007. "Perfect Competition," MPRA Paper 2202, University Library of Munich, Germany. [Downloadable!]
  12. Adegbesan, Tunji, 2007. "Strategic factor markets: Bargaining, scarcity, and resource complementarity," IESE Research Papers D/666, IESE Business School. [Downloadable!]
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