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
Similar content being viewed by others
References
Brozen, Y. 1970. The antitrust task force deconcentration recommendations. Journal of Law and Economics 13(2): 279–292.
Brozen, Y. 1971. The persistence of ‘high rates of return’ in high stable concentration industries. Journal of Law and Economics 14(2): 501–512.
Brozen, Y. 1982. Concentration, mergers and public policy. New York: Macmillan.
Business Week. 1986. The hollow corporation. 3 Mar.
Chandler Jr., A.D. 1977. The visible hand. Cambridge, MA: Harvard University Press.
Clifton, J.A. 1977. Competition and the evolution of the capitalist mode of production. Cambridge Journal of Economics 1(2): 137–151.
Cyert, R., and J. March. 1956. Organizational factors and the theory of oligopoly. Quarterly Journal of Economics 70: 44–64.
Demsetz, H. 1973. The market concentration doctrine. American Enterprise Institute for Public Policy Research, Hoover Institution on War, Revolution and Peace.
Demsetz, H. 1982. Economic, legal, and political dimensions of competition. New York: North-Holland.
Mas-Colell, A. 1980. Noncooperative approaches to the theory of perfect competition: Presentation. Journal of Economic Theory 22(2): 121–135.
President’s Commission on Industrial Competitiveness. 1985. Global competition: The new reality, vol. 1. Washington, DC: U.S. Government Printing Office.
Simon, H. 1945. Administrative behavior. New York: Macmillan and Free Press.
Singh, A., and G. Whittington. 1968. Growth, profitability and valuation. Cambridge: Cambridge University Press.
Sraffa, P. 1960. Production of commodities by means of commodities. Cambridge: Cambridge University Press.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Copyright information
© 1987 The Author(s)
About this entry
Cite this entry
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
Download citation
DOI: https://doi.org/10.1057/978-1-349-95121-5_166-1
Received:
Accepted:
Published:
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