The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Competition

  • George J. Stigler
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_524

Abstract

Competition arises whenever two or more parties strive for something that all cannot obtain. The classical economists felt no need for a very precise definition of competition because they viewed monopoly as highly exceptional. In the late 19th century competition became the subject of intense analysis; the concept of perfect competition emerged as the standard model of economic theory and as first approximation in the concrete studies of applied microeconomics. The limitations of the concept in dealing with conditions of persistent and imperfectly predicted change will be removed only when economics possesses a developed theory of change.

Keywords

Bilateral monopoly Clark, J. Cliffe Leslie, T. Coalitions Comparative statics Competition Competitive equilibrium Contracting Cournot, A. Creative destruction Darwin, C. Demsetz, H. Edgeworth, F. Entrepreneurship Factor price equalization theorem Fisher, I. Industrial organization Innovation Jenkin, F. Jevons, W. Joint action Kirzner, I. Knight, F. Labour markets Laissez faire Law of indifference Law of one price Law of supply and demand Long-run equilibrium Malthus, T. Market price Markets Marshall, A. Mathematics and economics Mill, J. S. Monopoly Oligopoly Pareto, V. Perfect competition Perfect information Perfect markets Pigou, A. Profit-maximixing behaviour Rate of return Recontracting Resource mobility Schumpeter, J. Second best Senior, N. Smith, A. Stigler, G. J. Thornton, H. Walras, L. Workable competition 

JEL Classifications

B0 
This is a preview of subscription content, log in to check access.

Bibliography

  1. Clark, J.B. 1899. The distribution of wealth. London: Macmillan.Google Scholar
  2. Clark, J.M. 1940. Toward a concept of workable competition. American Economic Review, June; reprinted in Readings in the social control of industry. Philadelphia: Blakiston, 1942.Google Scholar
  3. Cliffe Leslie, T.E. 1888. Essays in political economy and moral philosophy. London: Longmans Green.Google Scholar
  4. Cournot, A. 1838. Researches into the mathematical principles of the theory of wealth. Reprinted. New York: Macmillan, 1927.Google Scholar
  5. Demsetz, H. 1982. Economic, legal and political dimensions of competition. Amsterdam: North-Holland.Google Scholar
  6. Edgeworth, F.Y. 1881. Mathematical psychics. London: Kegan Paul, 1932.Google Scholar
  7. Hildenbrand, W. 1974. Core and equilibria of a large economy. Princeton: Princeton University Press.Google Scholar
  8. Jevons, W.S. 1871. The theory of political economy. London: Macmillan.Google Scholar
  9. Kirzner, I.M. 1973. Competition and entrepreneurship. Chicago: University of Chicago Press.Google Scholar
  10. Knight, F.H. 1921. Risk, uncertainty and profit, Part 2. Boston: Houghton Mifflin Co.Google Scholar
  11. Marshall, A. 1890. Principles of economics. London: Macmillan.Google Scholar
  12. Mas-Colell, A., ed. 1982. Noncooperative approaches to the theory of perfect competition. New York: Academic Press.Google Scholar
  13. McNulty, P.J. 1967. A note on the history of perfect competition. Journal of Political Economy 75: 395–399.CrossRefGoogle Scholar
  14. Mill, J.S. 1848. Principles of political economy. In Collected works, ed. J.M. Robson. Toronto: University of Toronto Press, 1965.Google Scholar
  15. Nutter, G.W. 1951. The extent of enterprise monopoly in the United States, 1899–1939. Chicago: University of Chicago Press.Google Scholar
  16. Penny Cyclopedia of the Society for the Diffusion of Useful Knowledge. 1839.Google Scholar
  17. Schumpeter, J.A. 1942. Capitalism, socialism and democracy. New York: Harper & Bros.Google Scholar
  18. Senior, N.W. 1836. Political economy. London: W. Clowes.Google Scholar
  19. Shepherd, W.G. 1982. Causes of increased competition in the US economy, 1939–1980. Review of Economics and Statistics 64: 613–626.CrossRefGoogle Scholar
  20. Smith, A. 1776. The wealth of nations. Glasgow ed. Oxford: Oxford University Press. 1976.Google Scholar
  21. Stigler, G.J. 1957. Perfect competition, historically contemplated. Journal of Political Economy 65: 1–17.CrossRefGoogle Scholar
  22. Stigler, G.J., and R. Sherwin. 1985. The extent of the market. Journal of Law and Economics 28: 555–585.CrossRefGoogle Scholar
  23. Thornton, W.T. 1869. On labour. London: Macmillan.Google Scholar

Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • George J. Stigler
    • 1
  1. 1.