Abstract
This part of the book puts forward what I regard as substantial criticism of the general theory of the firm as it has developed since the death of Alfred Marshall. We are therefore concerned with the economic theory which uses the concept of the equilibrium of the individual enterprise in the analysis of competitive industries. The reader is asked for the moment to hold back any query which may have arisen from my using the word ‘competitive’ without any qualifying adjective, for more will be said about this.
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Notes
D. H. Macgregor, Economic Thought and Policy (Home University Library, Oxford, 1949), chapter 2, ‘The Representation of Supply*. It is perhaps the curious decision to put it in the H.U.L. which accounts for the sad neglect of this work of Macgregor’s old age. Perhaps it might be added that it bears on many other important problems besides that of price.
R. L. Hall (now Sir Robert) and C. J. Hitch, ‘Price Theory and Business Behaviour’, Oxford Economic Papers, No. 2, 1939.
See, for instance, P. J. D. Wiles, Price, Cost and Output (Basil Black-well, Oxford, 1961), chapter 1, especially pp. 3–4.
Ref. R. F. Harrod, Economic Essays, chapter 8; J. R. Hicks, ‘The Process of Imperfect Competition’, Oxford Economic Papers, 1954.
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© 1964 P. W. S. Andrews
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Andrews, P.W.S. (1964). A Review of Modern Theory. In: On Competition in Economic Theory. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-81682-8_2
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