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The Meaning of Competition

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Tags Free MarketsInterventionismMonopoly and Competition

05/17/2019Friedrich A. Hayek

Competition is a process of the formation of opinion: by spreading information, it creates that unity and coherence of the economic system which we presuppose when we think of it as one market.

Excerpted from Individualism and Economic Order (1948), this essay reproduces the substance of the Stafford Little Lecture delivered at Princeton University on May 20, 1946.

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