zlacker

Perfect competition is actually not a very useful concept in the real world. In Silicon Valley, we live and die with patents which are term limited monopolies. That's as far from perfect competition as you can get. The entire concept of intellectual property is anti-competitive.

>>CalChr+(OP)
There are a lot of examples where markets are far from perfect competition; actually most markets are like this. It's just useful to the extent we can see markets that come close to this appear to function well, and so we should use regulation to bring markets closer to this.