On the Emergence of the Market Pattern
AbstractI examine the work of POLANYI  to extract from it hypotheses related to the emergence and operation of the capitalist system. I adapt models from the literature on complex adaptive systems and evolutionary game theory to build a fictitious society in which I "test" those hypotheses. The results are encouraging: The model provides functional insight on the relationship between the commoditization of labor and the emergence of a self-equilibrating market economy.
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Bibliographic InfoArticle provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.
Volume (Year): 154 (1998)
Issue (Month): 3 (September)
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Find related papers by JEL classification:
- D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
- D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
- O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
- P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
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