Perfect Competition and the Transformation of Economics by Frank Machovec (Engli

Publisher Description

Frank Machovec argues that the assumption of perfect information has done untold economic damage. It has provided the rationale for active state intervention and has obscured the extent to which entrepreneurial activity depends upon the exploitation of asymmetric information.

Table of Contents

List of figures, Preface, 1 INTRODUCTION AND OVERVIEW, 2 STATEMENT OF THE PROBLEM, 3 THE MAGNETIC LURE OF MARKET SOCIALISM, 4 COMPETITION AND ENTREPRENEURSHIP IN CLASSICAL POLITICAL ECONOMY, 5 UNCERTAINTY AND ENTREPRENEURSHIP IN CLASSICAL POLITICAL ECONOMY, 6 THE PERFECTLY COMPETITIVE MODEL: EVOLUTION OR REVOLUTION?, 7 COMPETITION AND THE LAW, 8 EVOLUTION VERSUS REVOLUTION: THE CONVENTIONAL WISDOM, 9 ALFRED MARSHALL, INCREASING RETURNS, AND COMPETITION, 10 PERFECT COMPETITION: ASCENDANCE AND IMPACT ON HABITS OF THOUGHT, 11 STYLIZED ASSESSMENT OF GAIN VERSUS PAIN, 12 SUMMARY AND CONCLUSIONS, Notes, Bibliography, Name index, Subject index

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