The purpose of this contribution is related to our own view of the Austrian market approach. We first point out how Menger, Wieser, Hayek (to a more limited extent) and Lachmann successively made various analytical achievements which contributed to the emergence of an Austrian view of markets as institutions. We then characterize the original features of this notion and show why and how it allows a better understanding of the specificities of empirical markets and their dynamics.
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Paper provided by ICER - International Centre for Economic Research in its series ICER Working Papers with number
35-2007.
Length: 26 pages Date of creation: Mar 2007 Date of revision: Handle: RePEc:icr:wpicer:35-2007
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Find related papers by JEL classification: B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
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