Joan Robinson-The Economics of Imperfect Competition

The Economics of Imperfect Competition
Joan Robinson

Joan Violet Robinson FBA (31 October 1903 in Surrey - 5 August 1983 in Cambridge) was a post-Keynesian economist WHO was well known for her knowledge of monetary economics and wide-ranging Contributions to economic theory. She was the daughter of Major-General Sir Frederick Barton Maurice, 1st Baronet and was married to fellow economist Austin Robinson.

Robinson published the book "The Economics of Imperfect Competition" a British economist who studied the monopolistic nature of the markets with a high level of competition. At this citation Robinson made ​​a list of reasons why the model of perfect competition is rare in the real world.

The real market, consumers always consider the price and a lot of the products offered by rival manufacturers. Consumers should consider the cost of transportation, different consumers have different attitudes towards the quality assurance provided by a specific product brands, consumers have different views about the differences in services provided by the manufacturer (speed of service, courtesy salesmen, loan repayment period, the attention of manufacturers to individual desires). In many cases (contrary to the laws of demand and supply) of consumers would consider a high price as a sign that the goods purchased are good quality and reject the substitute goods.

So many reasons why consumers buy from a particular manufacturer and not from manufacturers other than price reasons. All this convinces us that consumers will not immediately move to rival manufacturers that offer similar goods at cheaper prices.

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