Antonio Cucinotta

Coase, Hayek and the Classical Conception of Competition

  • Abstract

Informations and abstract

Keywords: Competition; Classical Conception; Neoclassical Conception; Antitrust; Transaction Costs.

Markets and competition are concepts that are clearly different in the works of classical economic thought, which looked at competition as the variable force driving production costs at the minimal level through sellers' and buyers' rivalry. With the rise of the perfect competition model, economic theory has lost in descriptive accuracy what it has gained in analytical precision, partly divorcing from legal tradition, which is closer to the classical conception of competition.

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