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Institutionalized Communication in Markets and Firms

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  • Wilfred Dolfsma

Abstract

How markets and firms function is critically related to what knowledge and information is exchanged between whom, how quickly. Exchange of (symbolic) information needs to be properly institutionalized in order to be understood by others, on the one hand, but, on the other hand, cannot avoid being ambiguous to some degree as well (Dolfsma et al. 2011). Ambiguity allows for the dissent that allows for innovation in the broadest sense of the term. Institutionalization of communication is community-specific. The tension between institutionalization of and ambiguity in communication explains why innovations cannot depart too much from what is known and accepted in a community to be (ultimately) accepted as a legitimate novelty. The view of markets and firms as settings for institutionalized communication and knowledge exchange offers a perspective that institutional economists are well positioned for to offer insights on.

Suggested Citation

  • Wilfred Dolfsma, 2019. "Institutionalized Communication in Markets and Firms," Journal of Economic Issues, Taylor & Francis Journals, vol. 53(2), pages 341-348, April.
    • Handle: RePEc:mes:jeciss:v:53:y:2019:i:2:p:341-348
    DOI: 10.1080/00213624.2019.1594500
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    Cited by:

    1. Smita Srinivas, 2023. "When is industry ‘sustainable’? The economics of institutional variety in a pandemic," Review of Evolutionary Political Economy, Springer, vol. 4(1), pages 75-107, April.

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