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Competition, Classical

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The New Palgrave Dictionary of Economics

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Abstract

Only through the principle of competition has political economy any pretension to the character of a science. So far as rents, profits, wages, prices, are determined by competition, laws may be assigned for them. Assume competition to be their exclusive regulator, principles of broad generality and scientific precision may be laid down, according to which they will be regulated. (Mill 1848, p. 242)

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Authors and Affiliations

  1. http://link.springer.com/referencework/10.1057/978-1-349-95121-5

    John Eatwell

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  1. John Eatwell
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Eatwell, J. (2018). Competition, Classical. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_241

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