tag:blogger.com,1999:blog-25892266.post4137656334849069161..comments2024-01-28T01:53:28.605-08:00Comments on hyperborea: Modern Etymology of "Competition"utopia or busthttp://www.blogger.com/profile/09330052275507966278noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-25892266.post-43810077012522840662008-04-10T21:03:00.000-07:002008-04-10T21:03:00.000-07:00LoL!!! Thanks for commenting!"Imperfect" means ess...LoL!!! Thanks for commenting!<BR/><BR/>"Imperfect" means essentially that the 4 assumptions that would make it "perfect" do not hold. I.e. any of these exist:<BR/><BR/>1) barriers to entry<BR/>2) product differentiation<BR/>3) there are no "perfect" substitutes for products/services<BR/>4) imperfect information<BR/><BR/>But there's more than that. The most important assumption is the first one if you ask me. Since a lot of other things count as barriers.<BR/><BR/>You know about the Chicago School? They deny there are barriers to entry. I find that sort of ridiculous.Acumenschhttps://www.blogger.com/profile/14502771279290190296noreply@blogger.comtag:blogger.com,1999:blog-25892266.post-1597777892390408492008-04-10T20:33:00.000-07:002008-04-10T20:33:00.000-07:00I guess Plato would approve: "perfect" competition...I guess Plato would approve: "perfect" competition exists in an ideal state, a kind way of saying it doesn't exist. How "imperfect" does competition get to be before it ceases to be competition? I hope the economists have an Imperfectometer (not sold in stores), only $19.95. But wait, there's more!...Thanks for this post.Hans Ostromhttps://www.blogger.com/profile/18430196297977803990noreply@blogger.com