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Competition and Markets

In: Economic Freedom and the American Dream

Author

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  • Joseph Shaanan

Abstract

In Adam Smith’s view of the working of the invisible hand, competition plays a crucial role. Competition counters greed and by so doing ensures the provision of goods and services at relatively reasonable prices. More generally, there is a popular belief in competition as a dynamic process leading to greater efficiency and prosperity. It is regarded as a catalyst for new technologies and innovations while also weeding out the inefficient and antiquated. To economists and social Darwinists, competition and competitive markets have beneficiai economic and social properties.

Suggested Citation

  • Joseph Shaanan, 2010. "Competition and Markets," Palgrave Macmillan Books, in: Economic Freedom and the American Dream, chapter 0, pages 123-135, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-10223-1_10
    DOI: 10.1057/9780230102231_10
    as

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