Perfect competition must hold in product and factor markets… - Nicholas Barr

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Perfect competition must hold in product and factor markets, and also (and importantly) in capital markets. The assumption has two essential features: economic agents must be price takers; and they must have equal power.

Nicholas Barr

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About Nicholas Barr

Nicholas Barr FRSA is a British economist, currently serving as professor of public economics at the London School of Economics (LSE). He received his Ph.D. in Economics as a Fulbright Scholar from the University of California and his MSc in Economics from LSE.

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Milton Friedman Harvey S. Rosen John Komlos Kenneth Arrow Joseph E. Stiglitz

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Perfect competition must hold in product and factor markets, and also (and importantly) in capital markets. The assumption has two essential features… - Nicholas Barr

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