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Ep. 2184 The Politically Incorrect Guide to Economics

The Tom Woods Show

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The Perfect Competition Model

When did this so called perfect competition while does joa robinson have anything to do with this? Just go back to the thirties. And that gave rise to all these hundreds of publications on market failure, really based on the idea that markets failed to meet this crazy, utopian fant of perfect competition. It's almost like they created it so that the real world would be found wanting, so that they would have some pretext for intervening. This perfect competition model makes a series of assumptions that are, let's say, crazy, unreasonable,. certainly not assumptions that you would make.

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