HomeAntitrust Chronicle® 2021Fall 2021, Volume 2, Number 1

Fall 2021, Volume 2, Number 1

Antitrust Chronicle - Robinsons Imperfect Competition - OCTOBER 1 2021

Antitrust Chronicle® – Robinson's Imperfect Competition

Sometimes perfection can be the enemy of the good.

Most economists idealize the notion of “perfect competition,” whereby any profit-maximizing producer faces a market price equal to its marginal cost. An exception, however is the work of British economist, Joan Robinson, who noted that sometimes imperfect competition can be more welfare-maximizing than the Platonic ideal.

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