Monday, March 08, 2010

Competition Is A Meaningless Economic Concept, By Itself!

Competition in the market is held up as a mighty emblem by the ego-driven interpreters but actually it is a half-truth!

The essential reality of the market process can only be understood by acknowledging and respecting competitive entrepreneurship. To single out competition, as is done in the pseudo-economic world of empiricism, is similar to claiming that the atmosphere is made of oxygen. Depending on the degree of knowledge of the claimant that is either a half-truth or ignorance or a lie. Light a match and see if the atmosphere is 100% oxygen!

To understand the atmosphere the rest of its components need to be recognized. To understand the economy - which is a reflection of human action - the entrepreneurial spirit has to be recognized. In fact the two are inseparable and so the correct description of human action, and therefore of the economy at the loci of decision-making, is to refer to it as competitive entrepreneurship.

Empirical economists who talk about and postulate about 'competition' are talking nonsense and are engaged in a fantasy that is destructive. Further, the ego-driven interpretation that necessarily stems from these empirical economists just fuels the fire of ego-driven interventionism which is scorching the earth: destroying wealth, undermining peace, and spreading corruption and strife.

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