Quotation of the Day…

by Don Boudreaux on May 9, 2016

in Antitrust, Competition, Complexity & Emergence, Economics

… is from page 26 of the original, 1982 edition of Dominick Armentano’s superb but regrettably neglected volume Antitrust and Monopoly: Anatomy of a Policy Failure:

Business competition is always a dynamic process, not a given static state of affairs, in which suppliers continually strive to offer improved alternatives to market participants.  Unlike the perfectly competitive world, competition is a process of discovering opportunities for profit, and then adjusting market conditions so that these opportunities tend to be exploited.


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