TAILIEUCHUNG - A Companion to the History of Economic Thought - Chapter 19

C H A P T E R N I N E T E E N The “First” Imperfect Competition Revolution Imperfections and frictions in the workings of the forces of competition, such as institutional arrangements or monopolistic elements, have always been recognized by economists when representing market mechanisms | CHAPTER NINETEEN The First Imperfect Competition Revolution Maria Cristina Marcuzzo The Leading Players Imperfections and frictions in the workings of the forces of competition such as institutional arrangements or monopolistic elements have always been recognized by economists when representing market mechanisms Cassells l937 . Howevvr it was believed that rigidities in the market mechanism did not seriously impede the working of competition and that it was therefore reasonable to make the general assumption of perfect or pure competition in the theory of markets as a tolerably close approximation to the real world. In fact the classical and neoclassical visions of the working of competition differed radically as did their theories underpinning the price mechanism but they were less distant as far as the generality of the assumption of abstracting from frictions and imperfections was concerned. In the 9320s and 9370s a new wave of research gathered from the opposite presumption namely that the perfect competition assumption lacked realism drawing attention toward new market features and other forms of competition and so specific apparatus to deal with them was sought after. However like most intellectual revolutions imperfect competition was more a reaction against rather than an endorsement of a unifying research program in fact there was a greater consensus on the reasons for abandoning perfect competition than on how to represent the working of imperfect markets. The leading players in the imperfect competition revolution in the 9320s and 9370s were many according to Samuelson the list includes Kahn J. M. Clark Viner Sraffa Hotelling Robertson Robbins Shove Austin and Joan Robinson The First Imperfect Competition Revolution 295 Harrod and Chamberlin Samuelson 1994 p. 55 . While Marshall and Pigou certainly contain some loose hints to the middle ground between monopoly and competition Whitaker 1989 p. 189 it was the new generation of Cambridge economists .

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