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by scythe
3202 days ago
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If you assume competitive markets are "simpler" than uncompetitive markets this is certainly true. However it is questionable to me that this would actually be the case. Rather the advantage of the traditional approach to economics isn't that competitive markets are simpler but that the axiomatic framework which is built on them can be generalized in a mathematically rigorous way to describe most kinds of uncompetitive markets. In order to provide real intellectual (rather than political) competition a different way of teaching economics would need to start with axioms of uncompetitive markets and deform them to also describe competitive markets. That doesn't seem to be happening in this book, however. |
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I think it's true by the Anna Karenina principle; there are many ways for a market to be uncompetitive.