Competition in most cases is a good thing. Athletes often profit the most from competition because they are forced to give their all on every play. Even a world class athlete, if he has completion will be pushed further and will have to give in to his own agenda (laziness) to remain competitive. Competition in the market place is no different; it combats most company self-interests and instead provokes producers into wealth-creating activities.
1 The competitive process I feel also provides an even stronger incentive for producers to operate efficiently and heed the views of consumers. The Federal Trade Commission states that competition in the marketplace is good for both consumers and business. In fact this type of competition via free enterprise and open markets is the basis of our U. S. economy. When firms compete with each other, consumers get the best possible prices, quantity, and quality of goods and services.
2 It is a dire necessity of any solid market. One of the familiar monopoly breakups in recent history was the Bell System divestiture in 1974. Under this filing “Bell System” agreed to divest its local exchange service operating companies, in return for a chance to go into the computer business, AT&T Computer Systems. 3 Now this action by the Department of Justice not only produced competition in the market, but has since forced a surge in producing many technologies we enjoy today.
Some of our most advanced companies such as Verizon were not only birthed but benefited from such an action. This is a firm example we can look back on and see the fruits of good economic competition, even if it is government regulated. In biblical times God has always instructed his people against usury and gluttony. Sadly this type of activity still occurs in today’s society. Largely because man’s mind is not renewed to seek the welfare of others.
Government policy has helped occasionally to reinforce this principal and promote common prosperity. Competition does likewise it promotes prosperity of many (i. e. jobs, revenue, inovaiton) instead of gluttony of an individual or company. Gwartney, J. D. , Stroup, R. L. , Sobel, R. S. , Macpherson, D. A. (2011) Economics: Private and Public Choice 14th ed. ). Mason, OH South-Western http://www. ftc. gov/bcp/edu/microsites/youarehere/pages/pdf/FTC-Competition_Ho