Competitive market is an increasingly important buzzword in the tech industry.
It has been the lingo for the rise of consumer electronics and the advent of new connected devices.
But what does it mean?
Is it an accurate description of what we’re seeing in the market?
In this episode, Andrew Pimlott and I explore the question with the help of two of the world’s leading experts on the topic, Professor Richard Greenfield of the University of Queensland and Andrew McGlothlin of the Australian National University.
The aim of the episode is to explore whether there is an accurate definition of competitive market and, if so, what it means for the future of consumer tech.
Download the podcast Here is the episode, in its entirety:Episode 10: The definition of Competitive Market What is the definition of a competitive market?
The concept of competitive markets has been around for a long time, dating back to the early days of the American market.
It was coined in the late 1920s by the pioneering economist John Maynard Keynes, who described it as “the tendency of people to hold on to their goods in spite of other people’s better ideas and expectations”.
Keynes believed that, “if a good has a market price, it will go on selling at its market price because of its intrinsic value.”
He also believed that there was an intrinsic need for people to have some sort of standard of comparison to which to compare products.
This standard of benchmarking meant that, in the marketplace, consumers would be able to compare prices for the same product.
This meant that they could compare the quality and safety of the product and their perceived value to the competitors.
This was an essential element of competitive capitalism, which was underpinned by Keynes’ belief that the best way to achieve social welfare was to provide a level playing field for competition.
The first competitive market was established in the US by Robert W. Nisbet in 1869, when he invented the Nisbit system of price controls.
It is now the world standard.
The key idea of competitive pricing was that, by providing consumers with a measure of their comparative advantage over other consumers, they would be better able to judge the value of the products offered to them.
They would be more willing to spend their money on those products.
The Nisbits were widely adopted throughout the world and are now used by nearly all industries.
The system was used to determine the price of many commodities, from coffee to cigarettes to steel to electric cars.
The US National Bureau of Economic Research’s (NBER) Economics of Innovation (EIS) showed that competitive pricing, in other words, reduced the amount of competition in the economy.
Its findings showed that consumers were willing to pay a lower price for goods and services when they were offered a more equal level of comparison.
But competitive markets also reduced the number of products available to consumers.
In short, competitive markets made consumers more willing and able to spend more money on products, but did so by reducing the number and quality of competitors.
The rise of the connected economyThe rise in connected technology and consumer lifestyles has brought with it a flood of new products, and a new set of competing products.
Today, we have a myriad of products that connect us to the world around us.
There are smartwatches, smart televisions, and smart cars.
All these products can be connected to our smartphones, computers, and TVs, and can be purchased online, through a range of online retailers, and via other forms of technology.
This makes for an ever-changing market landscape.
And yet, in a competitive marketplace, it is impossible to predict which product will be the most popular.
Why is this the case?
What is the meaning of competitive prices?
The rise and fall of the modern economy Many of the technological innovations we use every day have one or more of two impacts on the marketplace.
The first is to alter or disrupt the way things are.
The second is to bring about new social and economic conditions.
The rise of digital technologies and the rise in consumer lifestyles have brought with them this third, and much more significant, impact.
The rising of digital technologyThe first big change in the internet era is that, for the first time, consumers can download and stream content from the internet to their smartphones, laptops, or tablets.
This enables consumers to watch, listen, or listen to all of their favourite shows, movies, and other content that they want to watch.
Consumers have also become more able to buy, rent, and download content online.
As a result, the internet is becoming more connected and more ubiquitous.
The average household now owns a mobile phone and a TV, and many of these devices are connected to the internet.
The number of connected devices is increasing at an exponential rate.
Technology companies are increasingly embracing the internet as a platform for creating new products and services.
With this rapid pace of innovation, we are now living in a time when the new devices and services we purchase online are often very