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The classical notion of competition revisited

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  • Salvadori, Neri
  • Signorino, Rodolfo

Abstract

The paper seeks to fill a lacuna within Classical economics concerning the process of market price determination in a short-period equilibrium. To this aim, first we distinguish the Classical notion of free competition from the Walrasian notion of perfect competition and we argue that the latter is beset by some theoretical difficulties alien to the former. Second, we reconstruct in some detail Smith and Marx’s views concerning market price determination and we show that Marx’s extensive use of metaphors and numerical examples foreshadows the modern taxonomy of buyers’ market, sellers’ market and mixed strategy equilibrium in the capacity space of a standard Bertrand duopoly model. Finally, we highlight similarities and differences between the Classical notion of competition and contemporary game-theoretic oligopoly models

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File URL: http://mpra.ub.uni-muenchen.de/22760/
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File URL: http://mpra.ub.uni-muenchen.de/24572/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 22760.

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Date of creation: 17 May 2010
Date of revision: 17 May 2010
Handle: RePEc:pra:mprapa:22760

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Keywords: Classical and neoclassical notions of competition; Adam Smith; Karl Marx; mixed strategies.;

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References

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  1. Clarence Morrison, 1998. "Cournot, bertrand, and modern game theory," Atlantic Economic Journal, International Atlantic Economic Society, vol. 26(2), pages 172-174, June.
  2. Vickers, John, 1995. "Concepts of Competition," Oxford Economic Papers, Oxford University Press, vol. 47(1), pages 1-23, January.
  3. Paul J. McNulty, 1967. "A Note on the History of Perfect Competition," Journal of Political Economy, University of Chicago Press, vol. 75, pages 395.
  4. Kurz,Heinz D. & Salvadori,Neri, 1995. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521443258, October.
  5. Heinz Kurz & Neri Salvadori, 2000. "'Classical' Roots of Input-Output Analysis: A Short Account of its Long Prehistory," Economic Systems Research, Taylor & Francis Journals, vol. 12(2), pages 153-179.
  6. Andrea Lavezzi, 2003. "Smith, Marshall and Young on division of labour and economic growth," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 10(1), pages 81-108.
  7. Samuelson, Paul A, 1978. "The Canonical Classical Model of Political Economy," Journal of Economic Literature, American Economic Association, vol. 16(4), pages 1415-34, December.
  8. Clarence C. Morrison, 2001. "Magnan de Bornier on Cournot-Bertrand," History of Political Economy, Duke University Press, vol. 33(1), pages 161-165, Spring.
  9. Dumenil, Gerard & Levy, Dominique, 1987. "The Dynamics of Competition: A Restoration of the Classical Analysis," Cambridge Journal of Economics, Oxford University Press, vol. 11(2), pages 133-64, June.
  10. Garegnani, Pierangelo, 1983. "The Classical Theory of Wages and the Role of Demand Schedules in the Determination of Relative Prices," American Economic Review, American Economic Association, vol. 73(2), pages 309-13, May.
  11. Garegnani, Pierangelo, 1984. "Value and Distribution in the Classical Economists and Marx," Oxford Economic Papers, Oxford University Press, vol. 36(2), pages 291-325, June.
  12. Heinz D. Kurz & Neri Salvadori, 2002. "Mark Blaug on the “Sraffian Interpretation of the Surplus Approach”," History of Political Economy, Duke University Press, vol. 34(1), pages 225-236, Spring.
  13. Kaldor, Nicholas, 1972. "The Irrelevance of Equilibrium Economics," Economic Journal, Royal Economic Society, vol. 82(328), pages 1237-55, December.
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Cited by:
  1. Signorino, Rodolfo, 2011. "David Ricardo on natural and market prices," MPRA Paper 39212, University Library of Munich, Germany.
  2. Salvadori, Neri & Signorino, Rodolfo, 2011. "Competition," MPRA Paper 38387, University Library of Munich, Germany.

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