By Dominich Armentano
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Additional resources for Antitrust And Monopoly: Anatomy of a Policy Failure
Change and entrepreneurial adjustment to change are continuous in the market process and are as much in evidence in the long view as in the short. There is, to be sure, an ever present process of equilibration and coordi nation occurring, but it would be sheer fantasy to assume or expect such a process ever to be completed. Thus profit rate differentials, should they exist between industries, would be explainable within the context of a fully com petitive market process that has not achieved, and could never achieve, any final long-run equilibrium.
Product advertising is a legitimate way of accounting for noticed informa tion, and information transfer, within a theory of market process. Indeed, it is difficult to imagine how any products could be sold without some advertising, since they could not even be known without it. A popular criticism of advertising holds that it attempts to persuade rather than to inform. But once it is recognized that advertising occurs in disequili brium, where selling is not automatic, it is difficult to appreciate the relevance of this criticism.
There are serious methodological difficulties in attempting to measure competition in this manner, or to infer anything meaningful concerning an 36 COM PETITION THEORY AND THE MARKET ECONOM Y efficient allocation of resources. The most serious difficulty is that any cross elasticity test over time would inevitably confuse a change in sales due to a price change, and a change in sales due to any and all other factors. Since other things are never constant in an actual situation, there is never any guar antee that one is, in fact, testing cross-elasticity at all.
Antitrust And Monopoly: Anatomy of a Policy Failure by Dominich Armentano