Adam Smith’s Perfectly Competitive Market Is Not Pareto Efficient: A Dynamic Perspective

Is student selection done perfectly?

ntroduction. The student selection at the universities has always been a matter of concern. Student selection process should allow equal opportunities to all students who fulfil a set of pre-determined criteria, apart from the sex, religion, social and cultural backgrounds. Moreover, the process should be quite transparent and perfectly concerned. Student admission is held in different methods ...

Perfectly Competitive Innovation

We construct a competitive model of innovation and growth under constant returns to scale. Previous models of growth under constant cannot model technological innovation. Current models of endogenous innovation rely on the interplay between increasing returns and monopolistic markets. In fact, established wisdom claims monopoly power to be instrumental for innovation and sees the non-rivalrous ...

Dynamic Spectrum Management with Competitive Market Equilibrium

In an effort to improve the efficiency of spectrum usage, the cognitive radio (CR) [1] technology was proposed, bringing the possibility of dynamic spectrum management (DSM) [2]. Generally speaking, the multiuser communication systems in the background of CR are interference-limited. Power control is one of the central issues in the design of these systems. This problem can be modeled as a comp...

Values of Perfectly Competitive Economies

Adam Smith and Competitive Equilibrium

A view has emerged which sees Adam Smith’s main contribution to economics in terms of his equilibrium theory. This paper argues that equilibrium economics was neither Smith’s main contribution nor his chief concern. It is true that Smith made a few observations which may be construed as equilibrium economics in some loose sense. For example, his observation that the market price of a commodity ...