Economics Dictionary of Arguments

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Competition: Competition is a rivalry or contest between individuals or groups striving for a common goal, often involving effort, skill, or resources.
Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments.

Author Concept Summary/Quotes Sources

Milton Friedman on Competition - Dictionary of Arguments

Brocker I 405
Competition/FriedmanVsNeoclassics/Friedman: while neoclassical theory was based on perfect competition, which could ultimately only be guaranteed by permanent state intervention, Friedman favours the more evolutionary understanding of competition developed by Hayek as a method of discovery, which ultimately also provides for competition between institutions(1). From the point of view of a classic liberal like Friedman, the decisive criterion for effective competition is free market access alone.
Cf.>Neoclassical economics
Market imperfections: open up additional profit opportunities. According to Schumpeter this makes the development of innovation in the economy a worthwhile business, and the market is dynamically efficient if new prod ucers keep competing away the temporary monopoly profits.
>Innovation, >J.A. Schumpeter.

1. Goldschmidt, Nils/Wohlgemuth, Michael (Hg.), Grundtexte zur Freiburger Tradition der Ordnungsökonomik, Tübingen 2008, S. 13f.

Peter Spahn, „Milton Friedman, Kapitalismus und Freiheit“, in: Manfred Brocker (Hg.) Geschichte des politischen Denkens. Das 20. Jahrhundert. Frankfurt/M. 2018

Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments
The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.

Econ Fried I
Milton Friedman
The role of monetary policy 1968

Brocker I
Manfred Brocker
Geschichte des politischen Denkens. Das 20. Jahrhundert Frankfurt/M. 2018

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