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

Nicholas Barr Economics See all quotes by Nicholas Barr →

React to this quote

More by Nicholas Barr

“Markets can be efficient or inefficient; so can governments. thus market failure is a counterpoint to government failure.”

“Money income is a flawed measure of individual welfare.”

“Thus social insurance, in sharp contrast with actuarial insurance, can cover not only risk but also uncertainty.”

“It is argued that regulators are frequently captured by those whom they are supposed to regulate.”

“The European Commission uses an explicit relative poverty line of 60 per cent of national average income.”

“Given the external benefits higher education creates, it is efficient that taxpayers subsidies should be a permanent part of the landscape.”

Resonant Thoughts

"The world's strongest animals are plant eaters. Gorillas, buffaloes, elephants and me."

— Patrik Baboumian

Psychology1979

#power

"To know the mighty works of God, to comprehend His wisdom and majesty and power; to appreciate, in degree, the wonderful workings of His laws, surely all this must be a pleasing and acceptable mode of…"

— Nicolaus Copernicus

Science1473–1543

#knowledge

"The beautiful is and remains beautiful though it arouse no emotion whatever, and though there be no one to look at it. In other words, although the beautiful exists for the gratification of an observe…"

— Eduard Hanslick

Philosophy1825–1904

#art

"We have been attempting to relieve ourselves and the other nations from the old theory of competitive armaments. In spite of all the arguments in favor of great military forces, no nation ever had an …"

— Calvin Coolidge

Politics1780–1853

#war