Quote of the week: Geoffrey Hodgson on the power and limits of competition under capitalism (opens in new tab)

Today’s quote comes from Geoffrey Hodgson’s comprehensive book Conceptualizing Capitalism. Hodgson is a prominent and distinguished economist in the tradition of original institutionalism and evolutionary economics. “Competition is manifestly a powerful force in capitalism, especially as markets increase in size and extend globally. It promotes cost cutting and innovation. But competition between business firms guarantees […]