Market or Markets?
AbstractThe 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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Bibliographic InfoPaper 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:
markets; coordination; creation and evolution;
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
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Milgrom, Paul & Roberts, John, 1990. "Rationalizability, Learning, and Equilibrium in Games with Strategic Complementarities," Econometrica, Econometric Society, vol. 58(6), pages 1255-77, November.
- Menard, Claude, 1995. "Markets as institutions versus organizations as markets? Disentangling some fundamental concepts," Journal of Economic Behavior & Organization, Elsevier, vol. 28(2), pages 161-182, October.
- Sugden, Robert, 1989. "Spontaneous Order," Journal of Economic Perspectives, American Economic Association, vol. 3(4), pages 85-97, Fall.
- Richardson, G B, 1972. "The Organisation of Industry," Economic Journal, Royal Economic Society, vol. 82(327), pages 883-96, September.
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