Robinson's Economics of Imperfect Competition

  title={Robinson's Economics of Imperfect Competition},
  author={Joseph Alois Schumpeter and A. J. Nichol},
  journal={Journal of Political Economy},
  pages={249 - 259}
COMPETITION' IT CANNOT be repeated too often that the case of perfect competition owes the fundamental importance which it always had and still has in economic theory to certain properties characteristic of it and neither to any tendency in the facts to conform to it nor any "desirability" of the state of things it depicts. From the beginning of scientific analysis of economic phenomena until comparatively recent times most economists would, it is true, have based the claims of free competition… 

Labour Market and Exploitation of Labour in Joan Robinson's 'The Economics of Imperfect Competition'

In The Economics of Imperfect Competition Joan Robinson proved that unemployment was not due to market imperfections, because under different conditions imperfect markets are able to employ more

The Chicago School of Anti-Monopolistic Competition: Stigler’s Scorched Earth Campaign Against Chamberlin

George Stigler did not think much of case studies, the 1950s Harvard approach to industrial organization. “Each new PhD gravely decided in some mysterious fashion whether the industry chosen for his

Joan Robinson Inside and Outside the Stream

In the 1930s there were three great waves in economics: the Keynesian revolution, the imperfect (monopolistic) competition revolution, and the ‘fruitful clarification of the analysis of economic

Schumpeter and Schumpeterians on competition: some policy implications

The purpose of the paper is to investigate three issues. First, the paper tries to understand the definition of competition and hence the type of competition policy that can be drawn from the modern

On the Internal Contradictions of the Law of One Price

As stated originally, the venerable law of one price succinctly describes long-run equilibrium in a perfectly competitive market. The law was later amended, defining a market as the geographic area

Antitrust Error Costs

The idea that consideration of error costs should inform judgments about actions with uncertain consequences is well established. When we act on imperfect information, we consider not only the

Oligopoly, mutual dependence and tacit collusion: the emergence of industrial organisation and the reappraisal of American capitalism at Harvard (1933–1952)

Abstract This article looks back at the early development of industrial organisation at Harvard. It seeks to understand the emergence of the “Harvard tradition” around the spread of a set of common

Heterogeneity of habits as a foundation for Schumpeterian economic policy

In this paper, we highlight the heterogeneity of agents in Schumpeter’s theory. Because of its centrality in Schumpeter’s theory, we argue that agent heterogeneity should also be a key element for

Natural resource industries, 'tragedy of the commons' and the case of Chilean salmon farming

Chilean salmon farming has been considered as an outstanding example of success after growing at two digit rates for more than twenty years. With further insight, we now know that such rapid process