F A Hayek Excerpts: Why The Idea Of ‘Perfect’ Competition Is Fallacious

There are signs of increasing awareness among economists that what they have been discussing in recent years under the name of “competition” is not the same thing as what is thus called in ordinary language.

But, although there have been some valiant attempts to bring discussion back to earth and to direct attention to the problems of real life, notably by J M Clark and F Machlup, the general view seems still to regard the conception of competition currently employed by economists as the significant one and to treat that of the businessman as an abuse.

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