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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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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CURRENT ISSUE

September 2014

For centuries, hierarchical models dominated human organizations. Kings, warlords, and emperors could rally groups--but also oppress them. Non-hierarchical forms of organization, though, are increasingly defining our lives. It's no secret how this shift has benefited out social lives, including dating, and it's becoming more commonplace even in the corporate world. But it has also now come even to organizations bent on domination rather than human flourishing, as the Islamic State shows. If even destructive groups rely on this form of entrepreneurial organization, then hierarchy's time could truly be coming to an end.
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