Discussion And 2 Replies Perfect Competition is for Losers?

 Available on Wednesday, November 18, 2020 1:45 PM EST
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Dear ECON 203 (Rota u. Landstuhl+) Students:

Now that you have a sense of the economics of perfect competition, it’s appropriate to ask if this really is the way of the world.   And, if not, should something be done about?

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To “begin your quest for truth,” read a piece authored by PayPal co-founder, Peter Thiel, which first appeared in the Wall Street Journal a number of yeas ago and has since become somewhat of a classic.  (Sometimes it’s worth looking backwards.)

http://www.csun.edu/~vcact00f/497CapStone/Peter%20Thiel_%20Competition%20Is%20for%20Losers%20-%20WSJ.pdf

So do you agree that “monopoly is the condition of every successful business”?  And, therefore, the keys to success of the U.S. economy?  Or is the increased purported monopolization of U.S. business strangling the U.S. economy?  (You might wish to skim the piece below.)

https://hbr.org/2018/03/is-lack-of-competition-strangling-the-u-s-economy)

Explain your view carefully.  Examples from the readings, of course, are always a good place to start.     Please note.  Your must  choose sides here; i.e., you’re not allowed to be on the fence.

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