A Brief History of Market Competition and the Behaviour of Atoms

In a series of articles, Keen and Standish (2006, 2010) have criticised the Marshallian and Cournot models of perfect competition based on a mathematical and simulation proof. Although those papers have triggered some criticism eg Anglin (2008) and Minseong (2010), Keen and Standish (2013) have asserted the validity of their results. This paper draws on those papers and their critiques to show that the Keen equilibrium is not valid and to analyse the behaviour of atomistic firms based on profit maximization