Definition
It is simply named
economy but for our practical purpose and to make a distinction from other economies, we shall keep
Competition-Economy.
Competition-Economy is issued from the Victorian civilization, based on scarcity and competition, according to definitions given by
Adam Smith
.
The
definition given by Wikipedia
goes the same way:
Economics begins with the premise that resources are in limited supply and that it is necessary to choose between competing alternatives. The subject is said to be positive when it attempts to explain the consequences of different choices given a set of assumptions and normative when it prescribes a certain route of action.
The Competition-Economy gave birth to the
Knowledge Competition-Economy, the n+1 level in the
hierarchy of complexity of economies.
Discussion
Explore why this kind of economy has prevailed among all others during the industrial age, and why this only economy is not sufficient to handle the complexity in post-industrial civilization.