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The Static and Dynamic Mechanics of Competition: A Comment on Hunt and Morgan's Comparative Advantage Theory
Peter R. Dickson
Journal of Marketing
Vol. 60, No. 4 (Oct., 1996), pp. 102-106
Published by: American Marketing Association
Stable URL: http://www.jstor.org/stable/1251904
Page Count: 5
You can always find the topics here!Topics: Efficient markets, Path dependence, Supply, Marketing, Comparative advantage, Learning rate, Political economy, Learning, Path dependent economic models, Market competition
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The author provides constructive criticism of Hunt and Morgan's (1995) promotion of the dynamic disequilibrium paradigm and explains why their comparative advantage and market orientation theory is not dynamic enough. He discusses what creates market diversity and comparative advantage, why competitive markets are more efficient, how competitive markets fail, and how management of failed markets can fail. The author's goal is to demonstrate the explanatory power of the dynamic paradigm and encourage the use of it to focus on how firms can learn to improve their competitive processes.
Journal of Marketing © 1996 American Marketing Association