The Economics of Competition

Book excerpt: The Economics of Competition uses the South African pharmaceutical industry as a case study to cogently challenge accepted economic and regulatory views on competition and monopoly, then re-establishes and emphasizes the importance of foundational economic principles. The book comprehensively explores the concept that monopoly is self-limiting within unrestricted competition, as well as the various market features of competition, innovation, and market power. This detailed examination broadens understanding of the economics of competition for scholars and practitioners of competition (antitrust) law, microeconomics, industrial economics, industrial organization, managerial economics, and marketing strategy.