Effective competition is a concept first proposed by John Maurice Clark, then under the name of workable competition,as a "workable" alternative to the economic theory of perfect competition, since perfect competition is seldom observed in the real world. His proposal resulted in extensive debate in the economic literature over the next several decades in which George W. Stocking Sr., George Stigler, Jesse W. Markham, Joe S. Bain, and many others participated.
Effective competition is a concept first proposed by John Maurice Clark, then under the name of workable competition,as a "workable" alternative to the economic theory of perfect competition, since perfect competition is seldom observed in the real world. His proposal resulted in extensive debate in the economic literature over the next several decades in which George W. Stocking Sr., George Stigler, Jesse W. Markham, Joe S. Bain, and many others participated.
Source: Wikipedia "Effective competition" · CC BY-SA 4.0
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