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Fair competition: The engine of economic development

Author

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  • Thomas, Alex M
  • Walling, Lima

Abstract

This paper questions the existing notion of competition prevalent in economic theory. It is shown that the prevalent idea of competition is incompatible with economic development. Fair competition, this paper argues, ought to be understood in context. The paper ends by providing some preliminary suggestions to economists and policy makers on how to understand competition.

Suggested Citation

  • Thomas, Alex M & Walling, Lima, 2011. "Fair competition: The engine of economic development," MPRA Paper 31333, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:31333
    as

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    File URL: https://mpra.ub.uni-muenchen.de/31333/1/MPRA_paper_31333.pdf
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    References listed on IDEAS

    as
    1. Paul J. McNulty, 1968. "Economic Theory and the Meaning of Competition," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 82(4), pages 639-656.
    2. Amitava Krishna Dutt (ed.), 2003. "Development Economics and Structuralist Macroeconomics," Books, Edward Elgar Publishing, number 2658.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Competition; Economic development; Classical economics; Indian economy;
    All these keywords.

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D41 - Microeconomics - - Market Structure, Pricing, and Design - - - Perfect Competition
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development

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