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This article discusses two major conceptions of competition, the classical   and the neoclassical. In the classical conception, competition is viewed as a   dynamic rivalrous process of firms struggling with one another over the   expansion of their market shares at the expense of their competitors. This   dynamic view of competition characterizes mainly the works of Smith, Ricardo,   J. S. Mill and Marx; a similar view can be also found in the writings of   Austrian economists and the business literature. By contrast, the   neoclassical conception of competition is derived from the requirements of a   theory geared towards static equilibrium and not from any historical   observation of the way in which firms actually organize and compete with one   another

Contending conceptions of competition and the role of regulating capital