"Competition is important, not only because of its ability to promote economic efficiency but also because of the zest that it gives to life. Here we encounter one of the many ambivalences that characterizes our views about market economies: Competition is good, but we have our doubts about excessive competition. We encourage cooperation within teams but competition among them. We frown upon people who are excessively competitive. Yet the competitive market environment may encourage and bring out these aspects of individuals' personalities. If ruthlessly competitive people are successful, such behavior may be imitated. At the same time those who are (excessively) cooperative may be taken advantage of, derogated as pansies. Accordingly such behavior will be discouraged."
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Academics from the United StatesNon-fiction authors from the United StatesJews from the United StatesEconomists from the United StatesNobel laureates in Economics
Original Language: English
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Chap. 16 : Philosophical Speculations
https://en.wikiquote.org/wiki/Joseph_Stiglitz
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Joseph Stiglitz
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