"Based on this derivation, valid meanings of competition would be “to aim at together,” “to try to reach together,” and “to strive after together.” " - Timothy Taylor
In economics, we regularly understand competition as a series of economic agents that compete with each other to attract more costumers than the other. They do this by lowering costs and thus prices or innovating to deliver a much better product.
One out of many antonyms the word ‘competition’ has is cooperation which is kind of clear why. But in the economic world these to words aren’t necessarily opposites. To have competition in a certain market there has to be some sort of cooperation between agents, i.e. there has to be a set of rules to which the agents cooperate to follow and compete within that cooperation.
For example, the F1. In the racing world, specifically the Formula 1 competition, the main goal is to innovate your technology to deliver the best racing car to win the world championship. Teams do this by investing in research and development. It’s part of the competition to cooperate in a way where other teams don’t spy on each other and steal ones team innovation. It is also part of the competition not to ally with other teams to sabotage a certain team’s car.
As we can see, the cooperation is very well in line with competition. There has to be some sort of cooperation to make sure the competition is a benefit for all agents.
I found this interesting article from the Library of Economics and Liberty from Timothy Taylor which describes this relation with more detail. I hope you like it.
The Blurry Line Between Competition and Cooperation - Timothy Taylor