This major volume presents a collection of the most important published articles in the field, including influential papers by key economists on competition, monopoly and regulation. "Competition" follows the development of the idea, as an analytical tool and also as a policy ideal, from Adam Smith through the marginal revolution to the modern concept of perfect competition. The editor's original introductory essays shows how the scope of competition has narrowed in modern times. It also emphasizes the distinctions between competition as an end state and competition as a process. This volume should be of interest to economists, policymakers and business persons who are concerned with competition and related subjects.