- 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 10: Conclusion
What is the relationship between resource-advantage theory and neoclassical, perfect competition theory? Are they mutually exclusive rivals, complementary, or something else? If they were rivals, then one being true would imply that the other must be false. If they were complementary, then each would focus on explaining and predicting different phenomena. Rather than their being rivals or complements, this chapter argues for the “something else” option. Specifically, it argues that R-A theory is a general theory of competition that incorporates perfect competition theory as a special case. As such, R-A theory preserves the cumulativity of economic science.
If R-A theory is a general theory of competition, what are its public policy implications? With respect to antitrust legislation, does R-A theory imply laissez faire? This chapter ...