E.H. Chamberlin

E.H. Chamberlin was an influential American economist best known for his work on competitive market theory. In 1933, he introduced the concept of "monopolistic competition," which describes a type of market structure where many firms sell products that are similar but not identical. This allows companies to have some control over their pricing. Chamberlin's ideas helped shape modern economic thought by emphasizing the importance of product differentiation and consumer choice in markets. His work laid the foundation for understanding how businesses compete and how market dynamics operate in real-world scenarios beyond simple competition or monopoly.