The Meaning of Competition

Tags: Interventionism, Monopoly and Competition, Free Markets

05/17/2019 Friedrich A. Hayek

Competition is a process of the formation of opinion: by spreading information, it creates that unity and coherence of the economic system which we presuppose when we think of it as one market.

Excerpted from Individualism and Economic Order (1948), this essay reproduces the substance of the Stafford Little Lecture delivered at Princeton University on May 20, 1946.

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