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- W1569113550 abstract "Microeconomic principles courses focus on perfectly competitive markets far more than other market structures. Perhaps this is because perfect competition: (1) describes many important real world markets; or, (2) usefully approximates many markets that are not literally perfectly competitive; or (3) is pedagogically useful as a simple model; or (4) is an ideal market structure to be used as a standard to evaluate the efficiency of other market structures and the merits of government intervention; or (5) provides a useful model of dynamic processes in a capitalist economy. We find none of these reasons sufficiently compelling. We conclude that focusing attention on a simple imperfectly competitive model would better convey the central lessons of modern microeconomics. Perfect competition would remain, but as a special case." @default.
- W1569113550 created "2016-06-24" @default.
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- W1569113550 date "2004-01-01" @default.
- W1569113550 modified "2023-10-17" @default.
- W1569113550 title "Is There an Overemphasis on Perfectly Competitive Markets in Microeconomics Principles Texts?" @default.
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- W1569113550 doi "https://doi.org/10.2139/ssrn.605502" @default.
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