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
FEBRUARY 14, 2011
DECEMBER 14, 2010
FEE president Lawrence W. Reed on Competition, Monopoly and Standard Oil at Florida Gulf Coast University
DECEMBER 03, 2010
JULY 13, 2010
Related Freeman Articles
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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.
The third pillar of the Austrian revival.
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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.
IDEAS AND CONSEQUENCES
APRIL 21, 2011 by LAWRENCE W. REED
Competition in the marketplace means nothing less than striving for excellence in the service of others for self-benefit.