Competition

Edited by Jack High, Professor of Economics and Public Policy, George Mason University, US

'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.'

• Contents:AcknowledgementsIntroduction Split Personality: A Brief History of Competition in Economic Theory Jack HighPART ICLASSICAL 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 IINEOCLASSICAL 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 IIIPERFECT 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 IVIMPERFECT 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 VCOMPETITION 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 VICOMPETITION AND SOCIETY 22. Walton H. Hamilton (1930/1937), ‘Competition’23. Ludwig Von Mises (1949), ‘Competition’PART VIICOMPETITION 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 VIIICOMPETITION 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