Dear Readers,
Sometimes perfection can be the enemy of the good.
Most economists idealize the notion of “perfect competition,” whereby any profit-maximizing producer faces a market price equal to its marginal cost. An exception, however is the work of British economist, Joan Robinson, who noted that sometimes imperfect competition can be more welfare-maximizing than the Platonic ideal.
Indeed, in reality, outside economics textbooks, idealized conditions are rarely reproduced. Nonetheless, t
...THIS ARTICLE IS NOT AVAILABLE FOR IP ADDRESS 3.147.69.25
Please verify email or join us to access premium content!