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Is Imperfect Competition Empirically Empty?

In: The Economics of Imperfect Competition and Employment

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  • John Sutton

Abstract

During the past few years, imperfect competition seems to be coming into its own. Models of product differentiation, in particular, are now a standard vehicle in which to discuss many issues in industrial organization and in international trade. Yet this resurgence of interest in the area has failed to dispel a long-standing concern, shared by many economists, that imperfect competition is ‘empirically empty’-the particularly pungent dismissal of the theory in George Stigler’s Nobel address of 1982 is a recent echo of older debates.

Suggested Citation

  • John Sutton, 1989. "Is Imperfect Competition Empirically Empty?," Palgrave Macmillan Books, in: George R. Feiwel (ed.), The Economics of Imperfect Competition and Employment, chapter 6, pages 225-240, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-08630-6_6
    DOI: 10.1007/978-1-349-08630-6_6
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