Cafe Hayek » Quotation of the Day…

Quotation of the Day…

Posted By Don Boudreaux On January 5, 2013 @ 11:01 am In Competition,Complexity & Emergence | Comments Disabled

… is from page 129 of Mark Pennington’s impressive 2011 book, Robust Political Economy ^[1]:

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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[1] Robust Political Economy: http://www.amazon.com/Robust-Political-Economy-Classical-Liberalism/dp/1849807655/ref=sr_1_1?s=books&ie=UTF8&qid=1315652011&sr=1-1

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