Zero to One: Notes on Startups, or How to Build the Future · chapter 3 · id zero-to-one-c3-01-in-perfectly-competitive-marke

“In perfectly competitive markets, businesses earn zero economic profit in the long run. Therefore, 'competition is for losers.'”

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Receipts

Principles of Economics (Saylor/OpenStax textbook)source alive

The market is in long-run equilibrium, where all firms earn zero economic profits producing the output level where P = MR = MC and P = AC.

Peter G. Klein, Mises Institute -- Peter Thiel on Monopoly and Competitionsource alive

The business behaviors Thiel praises -- innovating, creating economic value, out-competing rivals, and increasing sales and profits -- are thoroughly competitive, in the Austrian (and common-sense) notion of competition. Thiel conflates the textbook abstraction of perfect competi

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