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dc.contributor.authorKaufman, Bruce
dc.date.accessioned2017-05-03T15:38:25Z
dc.date.available2017-05-03T15:38:25Z
dc.date.issued2013
dc.date.modified2014-01-23T23:01:17Z
dc.identifier.issn0021-3624
dc.identifier.doi10.2753/JEI0021-3624470303
dc.identifier.urihttp://hdl.handle.net/10072/56086
dc.description.abstractThis paper examines a fundamental issue in the theory of economic organization: the optimal level of market competition. Answers in neoclassical and new institutional economics are identified and critiqued. The analysis shows that selective assumptions in both fields produce distinctly market-favoring and "more competition is better than less" conclusions. The paper generalizes these assumptions and demonstrates organization-favoring and "less competition is better" positions are equally plausible. The paper also argues that part of the market-favoring bias in these fields stems from failure to distinguish between conditions of market failure and organizational success. Given these problems in extant theory, this paper develops an alternative institutional theory of economic organization, drawing principally on ideas of Walton Hamilton and John Commons. This proposed alternative shows that the optimal level of competition occurs at an intermediate level in the competition/cooperation spectrum (a mixed economy) and varies with five key determinants of the economic order.
dc.description.peerreviewedYes
dc.description.publicationstatusYes
dc.languageEnglish
dc.publisherM.E. Sharpe
dc.publisher.placeUnited States
dc.relation.ispartofstudentpublicationN
dc.relation.ispartofpagefrom639
dc.relation.ispartofpageto672
dc.relation.ispartofeditionSeptember
dc.relation.ispartofissue3
dc.relation.ispartofjournalJournal of Economic Issues
dc.relation.ispartofvolumeXLVII
dc.rights.retentionY
dc.subject.fieldofresearchIndustry Economics and Industrial Organisation
dc.subject.fieldofresearchEconomics
dc.subject.fieldofresearchCommerce, Management, Tourism and Services
dc.subject.fieldofresearchcode140209
dc.subject.fieldofresearchcode14
dc.subject.fieldofresearchcode15
dc.titleThe optimal level of market competition: neoclassical and new institutional conclusions critiqued and reformulated
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.date.issued2013
gro.hasfulltextNo Full Text
gro.griffith.authorKaufman, Bruce


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