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The Wastes of Competition

In: Monopoly and Competition and their Regulation

Author

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  • Kurt Rothschild

    (Oesterreichisches Institut für Wirtschaftsforschung)

Abstract

The growing specialization of economists in this century has led to a neglect of some of the more general and sweeping questions that used to be asked as a matter of course in nineteenth-century books on economics. Today the lyrical enthusiasm or the condemning remarks that could usually be found about the beauties of competition 1 have largely vanished from most text-books and are more at home in political pamphlets than in economic treatises. The whole problem of the advantages and disadvantages of competition has, however, again come to the fore in at least some circles of economists as a consequence of the spectacular developments of economic theory in the inter-war years. Imperfect and monopolistic competition theory helped to crystallize the full meaning of pure and perfect competition and showed how rare and exceptional it is, while the Keynesian system laid bare the ‘normality’ of the rigidities in the present-day capitalistic system and of the stability of under-employment equilibrium.

Suggested Citation

  • Kurt Rothschild, 1954. "The Wastes of Competition," International Economic Association Series, in: Edward H. Chamberlin (ed.), Monopoly and Competition and their Regulation, pages 301-314, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-08434-0_16
    DOI: 10.1007/978-1-349-08434-0_16
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    Cited by:

    1. Kapeller, Jakob & Hubmann, Georg, 2023. "Dilemmata marktliberaler Globalisierung: Globale Freiheit durch globalen Wettbewerb?," ifso working paper series 27, University of Duisburg-Essen, Institute for Socioeconomics (ifso).

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