The Theory of Monopolistic Competition1 is a magisterial work. It opened up a new subject that constitutes a branch of economics as it is now recognised, research into which is still flourishing. The book is written in a distinguished style which maintains clarity through difficult passages. In its description of industrial organisation it is realistic and sensitive as regards the motives likely to play on the minds of entrepreneurs. At the same time it is an abstract work, an essay in pure theory in the fullest sense; and as such it contains many elegant constructions.
KeywordsTrade Cycle Demand Curve Average Cost Economic Journal Cost Curve
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- 2.R. F. Harrod, Essay 8, ‘The Theory of Imperfect Competition Revised’, in Economic Essays, Macmillan, London, 1952, pp. 139–87.Google Scholar
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- 1.J. Robinson, The Economics of Imperfect Competition, Macmillan, London, 1933, P-2i.Google Scholar