ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Perfect Competition and All That

Perfect Competition and All That USED as we are to finding a great deal of thought-provoking ideas in every piece of writing of A K Das Gupta, who continues to be more active and productive in his. "post- retirement days than many a young economist, I am astonished to read in his review article of the book by Guy Routh a defence of the "much-despised assumption of perfect competition" in the following words. ''Nor is it necessary, or indeed desirable, that theories must always have relevance to what is supposed to be 'real'. A little 'fancy' the economist is surely entitled to, if he is to compare, as he must at some stage, what is with what might be.'' My astonishment is on three counts.

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