CLEAR IT UP

Who invented the theory of imperfect competition?
Two economists independently but simultaneously developed the theory of imperfect competition in 1933. The first

was Edward Chamberlin of Harvard University who published The Economics of Monopolistic Competition. The

second was Joan Robinson of Cambridge University who published The Economics of Imperfect Competition.

Robinson subsequently became interested in macroeconomics and she became a prominent Keynesian, and later a

post-Keynesian economist. (See the Welcome to Economics! and The Keynesian Perspective (http://openstax.org/

books/principles-economics-3e/pages/25-introduction-to-the-keynesian-perspective) chapters for more on

Keynes.)

Differentiated Products

A firm can try to make its products different from those of its competitors in several ways: physical aspects of

the product, location from which it sells the product, intangible aspects of the product, and perceptions of the
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