Understanding Economics - Lesson One: The Basics of Human Action (Part 4/5 Value)

[coolcatj7]

I love these power-points they are fantastic. However, I don't get your beef with competition. I find a hard time to envision competition as a vice or problem of econ. Because resources are finite competition solves how to best allocate the finite issue. I.e. there's no competition to gov't and you see how efficient it is lol so I don't get why paint competition as a vice oppose to a virtue. Thank you.

[Safnerism]

@coolcatj7 Thank you! Competition is not a "problem" in the bad sense of the word. I suppose I should have said it is a "fact" a life. What I meant when I said problem was to dispel the utopian myth that there's no scarcity in the world and that everyone can have all of their demands met equally. All of my powerpoints proclaim the power of the market to competitively allocate resources in an efficient manner and ration scarce resources via the price system (one method of competition)