Wednesday, October 17, 2007

Best Journal Article I Have Read Today

"As it is, it is one of the great paradoxes of economic science that every act of competition on the part of a businessman is evidence, in economic theory, of some degree of monopoly power, while the concepts of monopoly and perfect competition have this important common feature: both are situations in which the possibility of any competitive behaviour has been ruled out by definition."

From Paul J McNulty, Economic Theory and the Meaning of Competition, Quarterly Journal of Economics, 1968.

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