workable competition

Since the market performance of industries varies along with their market characteristics, efforts have been made to devise some practical standard for identifying the sorts of market structure that engender socially satisfactory performance in a given industry. The term workable…

…introduction of the concept of workable competition, as developed in Competition as a Dynamic Process (1961). This book stresses the flexibility of the economic system, the limits to market power, and the importance of potential competition, a theme also emphasized by his father. Clark’s argument that perfect competition is both…