Imperfect, Monopolistic, and Workable Competition
Document Type
Book Chapter
Publication Date
3-1-2013
Abstract
This chapter considers key elements added to the theoretical landscape of competitive markets brought by the Sherman Act and the subsequent theories that emerged after the passing of the Act. These features are: oligopoly, product differentiation, monopolistic competition, price discrimination, and barriers to entry. It examines the accounts of economists Joan Robinson, Edward Chamberlin, and John Maurice Clark, each of whom offered explanations of market competition as far less than perfect. The chapter also looks into the different policy responses to their respective accounts.
Keywords
competitive markets, sherman Act, Joan Robinson, Edward Chamberlin, John Maurice Clark, oligopoly, product differentiation, monopolistic competition, price discrimination
Publication Title
The Making of Competition Policy: Legal and Economic Sources
Repository Citation
Hovenkamp, Herbert, "Imperfect, Monopolistic, and Workable Competition" (2013). Book Chapters. 46.
https://scholarship.law.upenn.edu/faculty_chapters/46
https://doi.org/10.1093/acprof:osobl/9780199782796.003.0005
DOI
https://doi.org/10.1093/acprof:osobl/9780199782796.003.0005