Robinson, Joan(redirected from Joan Maurice)
Robinson, Joan(1903–83) an English economist who helped develop the theory of MONOPOLISTIC COMPETITION in her book The Economics of Imperfect Competition (1933). Prior to Robinson's work, economists classified markets into two groups: PERFECT COMPETITION, where firms’ products are perfect substitutes, and MONOPOLY, where a firm's product has no substitutes. Robinson argued that in real markets, goods are often partial substitutes for other goods, and her theory of monopolistic competition analysed price and output in such markets. She concluded that firms in monopolistic competition would restrict output in order to maintain price, resulting in a lower level of plant operation than optimum. See also CHAMBERLAIN, Edward.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005