@BenRossTransit I’ll see when I’m at a computer if my jstor account gets me access to your piece!

But the main inconsistency I see is just perfect competition doesn’t recoup fixed costs, so renders firms liable to bankruptcy, and (as you pointed out previously) supply chains then grow increasingly brittle with depth.

I think excess production capacity is desirable, but not prerequisite to competition. I don’t think there’s any reason (in general) to produce in excess of demand.