Innovative Enterprise or Sweatshop Economics? In Search of Foundations of Economic Analysis

By Institute for New Economic Thinking (INET)

“ICapitalism, Socialism, and Democracy, Joseph Schumpeter asserts: “perfect competition is not only impossible but inferior, and has no title to being set up as a model of ideal efficiency.” For neoclassical economists, the large corporation is a “market imperfection” that, compared with “perfect competition,” should result in higher product prices and lower industry output.”…

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