Competition can foster innovation from "summary" of Economic Analysis of Law by Richard A. Posner
Competition plays a crucial role in driving innovation in the economy. When firms are competing against each other in the marketplace, they are incentivized to come up with new and improved products and services in order to differentiate themselves from their competitors. This drive for innovation ultimately benefits consumers, as they have access to a wider range of choices and higher quality products. Furthermore, competition encourages firms to invest in research and development in order to stay ahead of the competition. This investment in R&D can lead to breakthroughs in technology an...
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