Abstract
No concept in economics — or elsewhere — is ever defined fully, in the sense that its meaning under every conceivable circumstance is clear. Even a word with a wholly arbitrary meaning in economics, like ‘elasticity’, raises questions which the person who defined it (in this case, Marshall) never faced: for example, how does the concept apply to finite changes or to discontinuous or stochastic or multiple-valued functions ? And of course a word like ‘competition’, which is shared with the whole population, is even less likely to be loaded with restrictions or elaborations to forestall unfelt ambiguities.
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References
N. W. Senior, Political Economy (New York, 1939) p. 102.
Henry Sidgwick, Principles of Political Economy (London, 1883) p. 182;
F. Y. Edgeworth, Papers Relating to Political Economy (London, 1925) n 280, 311.
Karl Marx once distinguished interindustry from intraindustry competition in Theorien über den Mehrwert (Stuttgart, 1905) is, part 2, 14 n.
For example, Leslie repeatedly denied that resource owners possessed sufficient knowledge to effect an equalization of the rates of return (see T. E. Cliffe Leslie, Essays in Political and Moral Philosophy (London, 1888)’pp. 47, 48, 81, 158–9, 184–5).
See P. A. Samuelson, ‘International Factor-Price Equalization Once Again’, Economic Journal, LIX (1949) 181–97;
and S. F. James and I. F. Pierce, ‘The Factor Price Equalization Myth’, Review of Economic Studies xix (1951–2) 111–22
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© 1972 Palgrave Macmillan, a division of Macmillan Publishers Limited
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Stigler, G.J. (1972). Perfect Competition, Historically Contemplated. In: Rowley, C.K. (eds) Readings in Industrial Economics. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-15484-5_7
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DOI: https://doi.org/10.1007/978-1-349-15484-5_7
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