Nature of Competition
More than two thousand years later, we still respectfully and respectively refer to Confucius ( 孔夫子 , Kǒng Fūzǐ ) and Aristotle . On one hand, there are yin ( 阴 , negative, -) and yang ( 阳 , positive, +) much like vice (-) and vs virtue (+); on the other hand excessiveness (Confucius) is no less vicious (Aristotle) than shortness ( 过犹 不及 , guòyóubùjí ) Is competition good or bad? The “nominal” answer: Shortness thereof is no more “good” than excessiveness thereof is “bad.” The “real” answer is “Well, it’s opportune.” Don’t even think about life without competition, at any rate. Without competition, we’ll instantaneously transit from the “short run” (T -1 ) in economics to the “long run” (T 0 ) in macroeconomics. Macroeconomists on the flipside: So many hypotheses are in economics while the only “intellectually honest” theory is i...