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After familiarizing ourselves with the image of man and the basic tenets of political economy, we will now analyze the functions of the market and competition as the basis of our market system. We will show that the market and competition provide an allocation-efficient result and thus a welfare optimum.

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The Functioning of Market and Competition

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  • 发表日期：

    2026年

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  • Christian A. Conrad

摘要

After familiarizing ourselves with the image of man and the basic tenets of political economy, we will now analyze the functions of the market and competition as the basis of our market system. We will show that the market and competition provide an allocation-efficient result and thus a welfare optimum.