Competition and competitive environment from the view of the Austrian school

Abstract

A deep multifaceted study of the modern industry market's competitive environment is impossible to imagine without analyzing its qualitative and quantitative parameters, which represent a single integrated whole. When forming its own methodological approach to the decomposition of the market's competitive environment, each researcher faces the need to choose a relevant toolkit that meets the challenges of its current state. Usually, the works of modern authors, who are the followers of the institutional approach, are devoted to the analysis of the markets' competitive environment. Their works pay attention to the institutional structure of the competitive environment, as well as to the quantitative parameters of market agents' functioning. Nevertheless, in order to analyze the evolution of the competitive environment it is necessary to understand its previous states, as well as the scientific categorical apparatus through the prism of which the predecessors looked at it due to the modern socio-economic processes taking place at that time, as well as the discussion that took place in economic science in this or that period. The aim of the research is to analyze and compare the concepts of competition of representatives of the Austrian school. The object of the study is the theoretical concept of competition and competitive environment. The subject of the study is the evolution of the interpretation of these categories by the representatives of the Austrian school. The gap in the detailed understanding of the presence or absence of a coherent concept of competitive environment in some areas of economic science prompted us to turn to the works of representatives of the Austrian school in order to form a clear understanding of their vision of the competitive forces and the definition of the market competitive environment. Our research allowed systematizing and classifying the disparate opinions of the school's representatives into a single concept, which, in our opinion, opens up prospects for further research.