The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Competition, Classical

  • John Eatwell
Reference work entry


Only through the principle of competition has political economy any pretension to the character of a science. So far as rents, profits, wages, prices, are determined by competition, laws may be assigned for them. Assume competition to be their exclusive regulator, principles of broad generality and scientific precision may be laid down, according to which they will be regulated. (Mill 1848, p. 242)


Cantillon, R. Capital accumulation Classical theory of value and distribution Competition, classical Intrinsic value Market price Marx, K. H. Natural price Neoclassical economics Perfect competition Perfect liberty Petty, W. Quesnay, F. Rate of profit Ricardo, D. Smith, A. Turgot, A. R. J. 

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • John Eatwell
    • 1
  1. 1.