Competition is one of the foundational concepts in economics. We’re taught in intro courses that competition lowers prices, because it allows markets to allocate resources efficiently. This is an example of Adam Smith’s “invisible hand” in action, a cornerstone of economic theory.But does competition always lower prices? The answer is, yes, sort of — it just depends on the degree of competition.Since that answer probably doesn’t satisfy anybody, let’s dig deeper.

Johannes Boehm has been appointed as the Full Professor of International Economics at the Geneva School of Economics and Management, effective August 1, 2026. 

David Autor, a prominent labor economist and faculty member at MIT since 1999, has been named head of the Department of Economics. 

Professor Matías Fontenla has been appointed as the new chair of the University of New Mexico's Department of Economics.