Competition and Value

The value of Competition is not as unconditional as Capitalists since Smith have taken it to be.  To begin with, in the least controversial case, its goodness is a function of that of a product to which it gives rise.  But, more often than not, its yield is merely a novelty, while Need is often the ground of a truly useful innovation.  Furthermore, its value is conditioned by the profit motive, according to Smith's Psychology, and, so, any inherent relation to any additional utility is lacking in his system.  So, absent any such relation, Competition is merely a mode of antagonism, and hardly suitable as a fundamental factor in a strong society.