- Subject index
A General Theory of Competition develops a ground-breaking new theory of competition - `resource-advantage theory'. Recent thinking on competition has assumed the premises, structure and implications of the theory of perfect competition. In his long-awaited book Shelby Hunt draws on economics, management, marketing and sociology to articulate resource-advantage theory. The author proceeds to illustrate how and why his theory may be used to explain and predict economic phenomena with great accuracy. This volume is extremely well-referenced, with detailed source notes.
Chapter 1: Introduction
Assume competition. On thousands of occasions each day, in lectures, discussions, books, and journals, one finds the expression assume competition. And on each such occasion, the expression is taken to mean that one is being asked to assume the foundational premises, structure, and implications of the theory of perfect competition. Good communication is economical; to place the adjective “perfect” before the noun “competition” is simply redundant. That it frames the language, hence the discourse, of mainstream economics testifies as to the dominance of the theory of perfect competition.1
All disciplines have research traditions.2 In economics, for example, one finds the neoclassical, institutional, evolutionary, historical, “Austrian,” Keynesian, and Marxist traditions. Research traditions have a knowledge content (i.e., concepts and theories), a methodology (i.e., a set of ...