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Competitive Market Processes

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Abstract

Do fully competitive price signals from intense rivalry in the market justify the moral sentiment of laissez-faire? On grounds of distributive justice among risk-takers, the answer has generally been ‘yes’ throughout the history of economic analysis.

This chapter was originally published in The New Palgrave: A Dictionary of Economics, 1st edition, 1987. Edited by John Eatwell, Murray Milgate and Peter Newman

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Author information

Authors and Affiliations

  1. http://link.springer.com/referencework/10.1007/978-1-349-95121-5

    J. A. Clifton

Authors
  1. J. A. Clifton
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Editor information

Editors and Affiliations

  1. Department of Economics, University of Wisconsin Department of Economics, Madison, USA

    Steven Durlauf

  2. Cornell University , ITHACA, New York, USA

    Lawrence E. Blume

Copyright information

© 1987 The Author(s)

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Clifton, J.A. (1987). Competitive Market Processes. In: Durlauf, S., Blume, L. (eds) The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_166-1

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  • DOI: https://doi.org/10.1057/978-1-349-95121-5_166-1

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  • Publisher Name: Palgrave Macmillan, London

  • Online ISBN: 978-1-349-95121-5

  • eBook Packages: Springer Reference Economics and FinanceReference Module Humanities and Social SciencesReference Module Business, Economics and Social Sciences

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