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Classical vs. Neoclassical Conceptions of Competition

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  • Tsoulfidis, Lefteris

Abstract

This article discusses two major conceptions of competition, the classical and the neoclassical. In the classical conception, competition is viewed as a dynamic rivalrous process of firms struggling with each other over the expansion of their market shares at the expense of their competitors. This dynamic view of competition characterizes mainly the works of Smith, Ricardo, J.S. Mill and Marx; a similar view can be also found in the writings of Austrian economists and the business literature. By contrast, the neoclassical conception of competition is derived from the requirements of a theory geared towards static equilibrium and not from any historical observation of the way in which firms actually organize and compete with each other.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 43999.

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Date of creation: May 2011
Date of revision: Oct 2012
Handle: RePEc:pra:mprapa:43999

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Keywords: Classical Competition; Regulating Capital; Incremental Rate of Return; Rate of Profit; Perfect Competition;

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  1. Mill, John Stuart, 1848. "Principles of Political Economy (II): Distribution," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, McMaster University Archive for the History of Economic Thought, volume 2, number mill1848-2.
  2. Mill, John Stuart, 1848. "Principles of Political Economy (III): Exchange," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, McMaster University Archive for the History of Economic Thought, volume 3, number mill1848-3.
  3. Dumenil, Gerard & Levy, Dominique, 1987. "The Dynamics of Competition: A Restoration of the Classical Analysis," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 11(2), pages 133-64, June.
  4. Lefteris Tsoulfidis, 2009. "The rise and fall of monopolistic competition revolution," International Review of Economics, Springer, Springer, vol. 56(1), pages 29-45, March.
  5. Marshall, Alfred, 1890. "The Principles of Economics," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, McMaster University Archive for the History of Economic Thought, number marshall1890.
  6. Flaschel, Peter & Semmler, Willi, 1987. "Classical and Neoclassical Competitive Adjustment Processes," The Manchester School of Economic & Social Studies, University of Manchester, University of Manchester, vol. 55(1), pages 13-37, March.
  7. Mill, John Stuart, 1848. "Principles of Political Economy (I): Production," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, McMaster University Archive for the History of Economic Thought, volume 1, number mill1848-1.
  8. Clifton, James A, 1977. "Competition and the Evolution of the Capitalist Mode of Production," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 1(2), pages 137-51, June.
  9. Anwar M. Shaikh, 1995. "The Stock Market and the Corporate Sector: Profit-Based Approach," Economics Working Paper Archive wp_146, Levy Economics Institute.
  10. Shaikh, Anwar, 1980. "Marxian Competition versus Perfect Competition: Further Comments on the So-Called Choice of Technique," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 4(1), pages 75-83, March.
  11. George J. Stigler, 1957. "Perfect Competition, Historically Contemplated," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 65, pages 1.
  12. Persefoni Tsaliki & Lefteris Tsoulfidis, 1998. "Alternative Theories of Competition: evidence from Greek manufacturing," International Review of Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 12(2), pages 187-204.
  13. Lefteris Tsoulfidis & Persefoni Tsaliki, 2005. "Marxian Theory of Competition and the Concept of Regulating Capital: Evidence from Greek Manufacturing," Review of Radical Political Economics, Union for Radical Political Economics, vol. 37(1), pages 5-22, March.
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