The Classical Notion of Competition Revisited
Bibliographic Data
| ID | 4298757 |
|---|---|
| Authors | Neri Salvadori (0000-0002-3334-3507, University of Pisa), Rodolfo Signorino (0000-0002-7122-1762) |
| Year | 2013 |
| Volume | 45 |
| Issue | 1 |
| Pages | 149-175 |
| Publication date | 2013-03-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | History of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0018-2702 • E-ISSN: 1527-1919 |
| Publisher | Duke University Press (PUBLISHER • US) |
| DOI | 10.1215/00182702-1965222 |
| OpenAlex | W2099694151 |
| Language | EN |
| Citations received | 5 |
| References cited | 39 |
This article seeks to fill a lacuna within classical economics concerning the process of market price determination in situations of market disequilibrium. To this aim, first we distinguish the classical notion of free competition from the Walrasian notion of perfect competition and we argue that the latter is beset with some theoretical difficulties alien to the former. Second, we reconstruct in some detail Smith's and Marx's views concerning market price determination and show that Marx's extensive use of metaphors and numerical examples foreshadows the modern taxonomy of buyers' market, sellers' market, and mixed strategy equilibrium in the capacity space of a standard Bertrand duopoly model. Finally, we highlight similarities and differences between the classical notion of competition and contemporary Bertrand competition models
Bertrand competition · Competition (biology · Cournot competition · Disequilibrium · Duopoly · Economics · Market definition · Market structure · Mathematical economics · Microeconomics · Neoclassical economics · Oligopoly · Economic Theory and Institutions · Economic Theory and Policy · Political Economy and Marxism
Modeling Rational Agents
The Economics of Adam Smith
Value and Distribution in the Classical Economists and Marx 1
The Classical Theory of Wages and the Role of Demand Schedules in the Determination of Relative Prices
The Glasgow Edition of the Works and Correspondence of Adam Smith, Vol. 2
Theory of Production
In Favor of Rigor and Relevance
Sraffa and the Theory of Prices
A Note on the History of Perfect Competition
Perfect Competition, Historically Contemplated
Sraffa and the Theory of Prices
The Works and Correspondence of David Ricardo. Volume I
The Irrelevance of Equilibrium Economics
Production of Commodities by Means of Commodities. Prelude to a Critique of Economic Theory
Misunderstanding Classical Economics
The Trade-Off between Rigor and Relevance
"The "Cournot-Bertrand Debate
Magnan de Bornier on Cournot-Bertrand
Magnan de Bornier on Cournot-Bertrand
"Mark Blaug on the "Sraffian Interpretation of the Surplus Approach
No History of Ideas, Please, We're Economists
| Unique citing works | 5 |
|---|---|
| Citations per year | 0,42 |
| Citation span | 2014 - 2022 (9) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 5 |