Competition leads to innovation and efficiency from "summary" of Free to Choose by Milton Friedman
Competition is a powerful force that drives individuals and businesses to constantly strive for improvement. When firms are forced to compete with one another for customers, they are motivated to find ways to offer better products or services at lower prices. This drive for innovation leads to the development of new technologies, processes, and ideas that can ultimately benefit consumers. Efficiency is another key outcome of competition. In order to stay competitive, firms must find ways to operate more efficiently and reduce costs. This often leads to the elimination of waste and the streamlining of operations. As a result, resources are used more effectively, leading to higher productivity and lower prices for consumers. Competition also encourages firms to be more...
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