Quotation of the Day…

by Don Boudreaux on January 5, 2013

in Competition, Complexity & Emergence

… is from page 129 of Mark Pennington’s impressive 2011 book, Robust Political Economy:

For markets to work effectively, what is required is not ‘perfect competition’ where people are indifferent to an identical set of options before them, but that incumbents are open to challenge from new entrants offering different and better opportunities than currently available.

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