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Competition
Competition follows the development of the idea, as an analytical tool and also as a policy ideal, from Adam Smith through the marginal revolution to the modern concept of perfect competition. The editor’s original introductory essay shows how the scope of competition has narrowed in modern times. It also emphasizes the distinctions between competition as an end state and competition as a process.
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Critical Acclaim
Contributors
Contents
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This major volume presents a collection of the most important published articles in the field, including influential papers by key economists on competition, monopoly and regulation.
Competition follows the development of the idea, as an analytical tool and also as a policy ideal, from Adam Smith through the marginal revolution to the modern concept of perfect competition. The editor’s original introductory essay shows how the scope of competition has narrowed in modern times. It also emphasizes the distinctions between competition as an end state and competition as a process.
This volume will be of interest to economists, policy makers and business persons who are concerned with competition and related subjects.
Competition follows the development of the idea, as an analytical tool and also as a policy ideal, from Adam Smith through the marginal revolution to the modern concept of perfect competition. The editor’s original introductory essay shows how the scope of competition has narrowed in modern times. It also emphasizes the distinctions between competition as an end state and competition as a process.
This volume will be of interest to economists, policy makers and business persons who are concerned with competition and related subjects.
Critical Acclaim
‘The concept of “Competition” is one of the most important, foundational terms in economics. Alas, it has so many meanings that statements using the term lack specificity; it is a primitive term allowing different readers to interject their own meanings. This and much more is made evident in Jack High’s splendid collection of original materials. The collection could usefully serve as the basis for a semester''s critical analysis.’
– Warren J. Samuels, Michigan State University, US
– Warren J. Samuels, Michigan State University, US
Contributors
29 articles, dating from 1899 to 1998
Contributors include: A. Marshall, K. Marx, C. Menger, J.S. Mill, J. Robinson, J.A. Schumpeter, W. Semmler, G.J. Stigler, L. Von Mises, L. Walras
Contributors include: A. Marshall, K. Marx, C. Menger, J.S. Mill, J. Robinson, J.A. Schumpeter, W. Semmler, G.J. Stigler, L. Von Mises, L. Walras
Contents
Contents:
Acknowledgements
Introduction Split Personality: A Brief History of Competition in Economic Theory Jack High
PART I CLASSICAL PERIOD
1. Adam Smith (1976), excerpts from ‘Of the Natural and Market Price of Commodities’, excerpts from ‘Of Wages and Profit in the Different Employments of Labour and Stock’, excerpt from ‘Of Money Considered as a Particular Branch of the General Stock of the Society or of the Expence of Maintaining the National Capital’ and excerpt from ‘Of Colonies’
2. David Ricardo (1911/1943), excerpt from ‘On Natural and Market Price’, excerpt from ‘On Foreign Trade’, excerpt from ‘Taxes on Raw Produce’, excerpt from ‘Taxes on Wages’ and excerpt from ‘On Machinery’
3. Augustin Cournot (1838/1927), ‘Of the Competition of Producers’, and ‘Of Unlimited Competition’
4. John Stuart Mill (1848/1973), ‘Of Competition and Custom’ and excerpt from ‘On the Probable Future of the Labouring Classes’
5. Karl Marx (1909), excerpts from ‘Some After Remarks,’ and ‘The Trinitarian Formula’
6. Willi Semmler (1987), ‘Competition: Marxian Conceptions’
PART II NEOCLASSICAL PERIOD
7. Carl Menger (1871/1950), ‘The Theory of Price’
8. Léon Walras (1954/1965), excerpt from ‘The Market and Competition. Problem of Exchange of Two Commodities for Each Other’, ‘The Elements and Mechanism of Production’ and excerpt from ‘The Principle of Free Competition. The Law of the Variation of Prices of Products and Services. Purchase and Sales Curves of Services; Price Curves of Products’
9. Francis Ysidro Edgeworth (1881/1967), excerpt from ‘Economical Calculus’
10. Alfred Marshall (1890/1964), excerpt from ‘Introduction’, excerpt from ‘Preliminary Survey of Distribution’, ‘The Distribution of National Income’ and excerpt from ‘The Growth of Free Industry and Enterprise’
11. Alfred Marshall (1925/1966), ‘Some Aspects of Competition (1890)’
12. John Bates Clark (1899), excerpt from ‘Wages in a Static Social State the Specific Product of Labor’
PART III PERFECT COMPETITION
13. Frank H. Knight (1921), excerpts from ‘The Theory of Choice and of Exchange’
14. George J. Stigler (1957), ‘Perfect Competition, Historically Contemplated’
15. Paul J. McNulty (1967), ‘A Note on the History of Perfect Competition’
PART IV IMPERFECT COMPETITION
16. Joan Robinson (1933/1969), excerpt from ‘Introduction’ and ‘Competitive Equilibrium’
17. Edward Hastings Chamberlin (1933/1962), excerpt from ‘Product Differentiation and the Theory of Value’
18. J.M. Clark (1940), ‘Toward a Concept of Workable Competition’
PART V COMPETITION AS A PROCESS
19. Joseph A. Schumpeter (1943/1992), ‘The Process of Creative Destruction’
20. Friedrich A. Hayek (1948), ‘The Meaning of Competition’
21. Israel M. Kirzner (1973), excerpt from ‘Competition and Monopoly’
PART VI COMPETITION AND SOCIETY
22. Walton H. Hamilton (1930/1937), ‘Competition’
23. Ludwig Von Mises (1949), ‘Competition’
PART VII COMPETITION AND STRATEGY
24. John Von Neumann and Oskar Morgenstern (1944/1953), excerpts from ‘Formulation of the Economic Problem’
25. Michael E. Porter (1980), ‘The Structural Analysis of Industries’
26. Adam M. Brandenburger and Barry J. Nalebuff (1996/1998), excerpts from ‘Co-opetition’, and ‘Players’
PART VIII COMPETITION AND ANTITRUST
27. Robert Liefmann (1915), ‘Monopoly or Competition as the Basis of a Government Trust Policy’
28. Joe S. Bain (1956/1965), ‘The Condition of Entry and the Public Policy: Designed to Secure Workable Competition’
29. Thomas J. DiLorenzo and Jack C. High (1988), ‘Antitrust and Competition, Historically Considered’
Name Index
Acknowledgements
Introduction Split Personality: A Brief History of Competition in Economic Theory Jack High
PART I CLASSICAL PERIOD
1. Adam Smith (1976), excerpts from ‘Of the Natural and Market Price of Commodities’, excerpts from ‘Of Wages and Profit in the Different Employments of Labour and Stock’, excerpt from ‘Of Money Considered as a Particular Branch of the General Stock of the Society or of the Expence of Maintaining the National Capital’ and excerpt from ‘Of Colonies’
2. David Ricardo (1911/1943), excerpt from ‘On Natural and Market Price’, excerpt from ‘On Foreign Trade’, excerpt from ‘Taxes on Raw Produce’, excerpt from ‘Taxes on Wages’ and excerpt from ‘On Machinery’
3. Augustin Cournot (1838/1927), ‘Of the Competition of Producers’, and ‘Of Unlimited Competition’
4. John Stuart Mill (1848/1973), ‘Of Competition and Custom’ and excerpt from ‘On the Probable Future of the Labouring Classes’
5. Karl Marx (1909), excerpts from ‘Some After Remarks,’ and ‘The Trinitarian Formula’
6. Willi Semmler (1987), ‘Competition: Marxian Conceptions’
PART II NEOCLASSICAL PERIOD
7. Carl Menger (1871/1950), ‘The Theory of Price’
8. Léon Walras (1954/1965), excerpt from ‘The Market and Competition. Problem of Exchange of Two Commodities for Each Other’, ‘The Elements and Mechanism of Production’ and excerpt from ‘The Principle of Free Competition. The Law of the Variation of Prices of Products and Services. Purchase and Sales Curves of Services; Price Curves of Products’
9. Francis Ysidro Edgeworth (1881/1967), excerpt from ‘Economical Calculus’
10. Alfred Marshall (1890/1964), excerpt from ‘Introduction’, excerpt from ‘Preliminary Survey of Distribution’, ‘The Distribution of National Income’ and excerpt from ‘The Growth of Free Industry and Enterprise’
11. Alfred Marshall (1925/1966), ‘Some Aspects of Competition (1890)’
12. John Bates Clark (1899), excerpt from ‘Wages in a Static Social State the Specific Product of Labor’
PART III PERFECT COMPETITION
13. Frank H. Knight (1921), excerpts from ‘The Theory of Choice and of Exchange’
14. George J. Stigler (1957), ‘Perfect Competition, Historically Contemplated’
15. Paul J. McNulty (1967), ‘A Note on the History of Perfect Competition’
PART IV IMPERFECT COMPETITION
16. Joan Robinson (1933/1969), excerpt from ‘Introduction’ and ‘Competitive Equilibrium’
17. Edward Hastings Chamberlin (1933/1962), excerpt from ‘Product Differentiation and the Theory of Value’
18. J.M. Clark (1940), ‘Toward a Concept of Workable Competition’
PART V COMPETITION AS A PROCESS
19. Joseph A. Schumpeter (1943/1992), ‘The Process of Creative Destruction’
20. Friedrich A. Hayek (1948), ‘The Meaning of Competition’
21. Israel M. Kirzner (1973), excerpt from ‘Competition and Monopoly’
PART VI COMPETITION AND SOCIETY
22. Walton H. Hamilton (1930/1937), ‘Competition’
23. Ludwig Von Mises (1949), ‘Competition’
PART VII COMPETITION AND STRATEGY
24. John Von Neumann and Oskar Morgenstern (1944/1953), excerpts from ‘Formulation of the Economic Problem’
25. Michael E. Porter (1980), ‘The Structural Analysis of Industries’
26. Adam M. Brandenburger and Barry J. Nalebuff (1996/1998), excerpts from ‘Co-opetition’, and ‘Players’
PART VIII COMPETITION AND ANTITRUST
27. Robert Liefmann (1915), ‘Monopoly or Competition as the Basis of a Government Trust Policy’
28. Joe S. Bain (1956/1965), ‘The Condition of Entry and the Public Policy: Designed to Secure Workable Competition’
29. Thomas J. DiLorenzo and Jack C. High (1988), ‘Antitrust and Competition, Historically Considered’
Name Index
