Nature of Competition: When to Compete
From time to time, we say “at the end of the day.” Most probably, that is at an occasion of reflection. In turn, such a reflection is for the purpose of performance evaluation over a certain period of time up to the end . The evaluation would rarely be for fun, but it must be for the sake of reflecting the past performance on the future activities in such a way as to improve efficiency, which is to be defined in U ∙ M ∙ T -1 . Apparently, however many and however great utilities are meaningless without reference to the period of evaluation, which we in economics call “ the accounting period .” As such the question “when to compete” boils down how for us to name the accounting period. By nature and by construct in economics, the accounting period depends on the type, kind and sort of economic activity. After all, the right ev...