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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

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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.

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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.

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Mergers Harm Competition?

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Competition Would Save Medicine, Too

AUGUST 19, 2009 by JOHN STOSSEL

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The United States' corporate tax burden is the highest in the world, but innovators will always find a way to duck away from Uncle Sam's reach. Doug Bandow explains how those with the means are renouncing their citizenship in increasing numbers, while J. Dayne Girard describes the innovative use of freeports to shield wealth from the myriad taxes and duties imposed on it as it moves around the world. Of course the politicians brand all of these people unpatriotic, hoping you won't think too hard about the difference between the usual crony-capitalist suspects and the global creative elite that have done so much to improve our lives. In a special tech section, Joseph Diedrich, Thomas Bogle, and Matthew McCaffrey look at various ways these innovators add value to our lives--even in ways they probably never expected.
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