Competition drives innovation from "summary" of The Antitrust Paradox by Robert Bork
The concept that drives innovation is competition. It is a simple yet powerful idea that has been proven time and time again. When companies compete with each other, they are forced to come up with new and better ways to attract customers. This leads to innovation, as each company strives to outdo the other. In a competitive market, companies must constantly be looking for ways to improve their products and services in order to stay ahead of the competition. This drive to innovate is what pushes the economy forward and leads to advancements in technology, medicine, and other fields. Competition also benefits consumers, as it leads to lower prices and higher quality products. When companies are forced to compete for customers, they must offer better products at lower prices in order to attract business. This benefits consumers, who are able to purchase higher quality products at a lower cost. Innovation is essential for economic growth and progress. Without competition, companies would have little incentive to innovate, as they would not need to worry about being outdone by their competitors. This is why competition is such a vital force in driving innovation and progress in the economy.- Competition is the driving force behind innovation. It pushes companies to constantly improve and innovate in order to stay ahead of the competition. This benefits consumers, the economy, and society as a whole. Without competition, there would be little incentive for companies to innovate, and progress would stagnate.
