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Competition, Imperfect Competition, and Dynamic Market Processes

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  • Coldwell Daniel

Abstract

. Contrary to the conventional hypothesis, the structural elements on the supply side of free product markets are not stable. The variability in the structures of free markets is readily apparent in an appropriate analysis of the emergence, growth, and maturity of free product markets. In this analysis, supply‐side entrepreneurship plays a prominent role—one which is only imputed to entrepreneurship in the conventional specification of market conditions. In order to correct this deficiency in the conventional specification, an alternative specification is summarized in which are treated explicitly the effects of entrepreneurial activity with respect to the discovery and development of economically feasible new products and processes and the choice of and variations in the quality characteristics of the products of individual firms. This indicates that firms can and do influence the stage of development—and hence the related size—of a market and their relative shares of it by new product and process development and the quality of their output. In this way entrepreneurial activity affects particular product market structures.

Suggested Citation

  • Coldwell Daniel, 1984. "Competition, Imperfect Competition, and Dynamic Market Processes," American Journal of Economics and Sociology, Wiley Blackwell, vol. 43(3), pages 301-312, July.
    • Handle: RePEc:bla:ajecsc:v:43:y:1984:i:3:p:301-312
    DOI: 10.1111/j.1536-7150.1984.tb01743.x
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