Perfect competition, methodologically contemplated

@article{Mcdermott2015PerfectCM,
  title={Perfect competition, methodologically contemplated},
  author={John F. M. Mcdermott},
  journal={Journal of Post Keynesian Economics},
  year={2015},
  volume={37},
  pages={687 - 703}
}
  • J. Mcdermott
  • Published 19 May 2015
  • Economics
  • Journal of Post Keynesian Economics
Abstract: The concept of perfect competition embodies a formal contradiction, precisely as would that of “the largest integer.” The ascription of legitimate meaning to the concept, as in George J. Stigler’s well-known 1957 essay, “Perfect Competition, Historically Contemplated,” is demonstrably circular, hence methodologically unacceptable. Mathematical problems arising from the concept are explored and it is these that give rise to the contradiction, as is demonstrated. Paradoxically, the… 

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