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Perfect competition is definitely taught as a concept, mostly as a benchmark to measure real-world markets against, but I don’t think it’s literally an assumpti
by baddox 6y ago
Perfect competition is definitely taught as a concept, mostly as a benchmark to measure real-world markets against, but I don’t think it’s literally an assumption of everything you learn in Econ 101.
- mcguire 6y agoMost of the theoretical results of basic economics (i.e. Econ 101) are built on really sketchy assumptions, including perfect competition. I recommend Steve Keen, Debunking Economics, for one amusing reference.