Dear Readers,
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.
Indeed, in reality, outside economics textbooks, idealized conditions are rarely reproduced. Nonetheless, t
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