What Is Workable Competition, Anyway (and Why Should We Care)

14 Pages Posted: 7 Dec 2016

Date Written: December 4, 2016

Abstract

The necessity for some form of a model of workable competition is the impossibility of a perfectly competitive market. Yet, in economic regulation and antitrust, judgments must be made whether a market is sufficiently competitive to justify regulatory restraint. This paper briefly reviews the history of the concept, and presents an argument that determination of workable competition is analytically intractable. Therefore, a real world economist needs to rely on descriptive analysis of markets in conjunction with economic models and econometrics in determining whether an actual market is "workably competitive."

Keywords: Workable Competition, Market Power, Economic Policy

JEL Classification: B21, B52, D40, D43, K21, K23, L10, L40, L50

Suggested Citation

Isser, Steve N., What Is Workable Competition, Anyway (and Why Should We Care) (December 4, 2016). Available at SSRN: https://ssrn.com/abstract=2880147 or http://dx.doi.org/10.2139/ssrn.2880147

Steve N. Isser (Contact Author)

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