biography
| name: |
Chamberlin, Edward Hastings
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| sex:
| male
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| lived:
| (1899–1967)
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| biography:
| Economist, born in La Couner, Washington, USA. His book, Theory of Monopolistic Competition (1933; eighth and final edition, 1962) is regarded as one of the most influential economics texts of the 20th-c. He spent many years at Harvard University, first as a doctoral student and then in a teaching capacity until his death. He served as chair of the department of economics during its ‘Golden Age’ (1939–43) when it included several renowned economists. Theory of Monopolistic Competition is a market analysis that incorporates such factors as advertising, product differentiation, style and brand preference, and locational advantages. His interpretation concluded that monopolistic ventures lack long-term advantages to the sellers in the industry, and that only normal profits will be realized. His so-called ‘tangency solution’ was the major empirical implication of monopolistic competition theory. A collection of his other papers, Towards a More General Theory of Value, was published in 1957. |
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