BEGINNER

Competition

Competition occurs when two or more individuals seek the same finite ends. Scarcity of resources makes competition for them inevitable. In a capitalist system where individuals own property and cannot resort to coercive means, individuals must produce and trade goods and services in order to achieve their ends. Competing producers attempt to provide consumers with the best products at the lowest price in order to earn profits. Competing consumers attempt to outbid one another for these goods and services. 

Paul Cwik - On Competition

 

Israel Kirzner - Entrepreneurship and the Market Process

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Competition and Monopoly

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FEATURE

Competition and Free Thought: Friedman, Mill, and Educational Choice

DECEMBER 11, 2012 by NATHAN SMITH

Milton Friedman believed State-run schools strangled the productivity improvements to be had from competition; John Stuart Mill believed they strangled independence of thought. Both views have plenty of empirical support, says Nathan Smith.

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The third pillar of the Austrian revival.

SEPTEMBER 27, 2012 by STEVEN HORWITZ

If Austrian economics, and classical liberalism more generally, are to win minds and hearts in the world of ideas, it will be by doing as Israel Kirzner does.

IT JUST AIN'T SO

Mergers Harm Competition?

APRIL 26, 2012 by TYLER WATTS

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GIVE ME A BREAK!

Competition Would Save Medicine, Too

AUGUST 19, 2009 by JOHN STOSSEL

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November 2014

It's been 40 years since F. A. Hayek received his Nobel Prize. His insights, particularly on the distribution of knowledge and the impossibility of economic planning, remain hugely important today. In this issue, we look back on the influence of his work. Max Borders and Craig Biddle debate whether liberty must be defended from one absolute foundation, further reflections on Scottish secession, and how technology is already changing our world for the better--including how robots, despite the unease they cause, will only accelerate this process.
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