Competition fosters innovation from "summary" of Principles of Economics by Saifedean Ammous
The concept of competition fostering innovation is a fundamental principle in economics. When firms are faced with competition in the market, they are incentivized to continually improve their products and services in order to gain a competitive edge. This drive for improvement leads to innovation as firms seek to differentiate themselves from their competitors and attract more customers.
Competition encourages firms to invest in research and development, as well as in new technologies and processes, in order to stay ahead of the competition. This constant push for improvement not only benefits the firms themselves, but also consumers, who are able to enjoy better...
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