We are taught that competition is good. Yet, we can think of a
depression as a symptom of heightened competition.
Within this framework, what happens during a depression is what happens
with greater competition. Business gets busy laying off workers,
installing new technology [yes, the
The Japanese have an expression "kato kyoso" meaning excessive competition
which they vehemently oppose. Various state-capital arrangements and
cartel-like behavior reduce competition. Prices are high no doubt but
mass lay offs rare as well.
Anthony P. D'Costa
Associate Professor
Comparative
