The age of contestability

posted by
March 7, 2012
by Bryan Caplan  
Posted in Commentary

"When economists want to measure the competitiveness of an industry, they usually start by counting the number of competing firms. If they see a lot of firms, they infer a lot of competition. Few firms? Little competition. One firm? No competition at all. Three decades ago, a model came along to challenge this mindset: the contestable market model." (03/06/12)  

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