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Perfect Competition, Historically Contemplated

In: Readings in Industrial Economics

Author

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  • G. J. Stigler
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.

Suggested Citation

  • G. J. Stigler, 1972. "Perfect Competition, Historically Contemplated," Palgrave Macmillan Books, in: Charles K. Rowley (ed.), Readings in Industrial Economics, chapter 7, pages 105-130, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-15484-5_7
    DOI: 10.1007/978-1-349-15484-5_7
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