IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/47936.html
   My bibliography  Save this paper

Uncertainty, Instability, and the Control of Markets

Author

Listed:
  • Jo, Tae-Hee

Abstract

Grounded in the methodological commitments shared by various traditions in heterodox economics, this paper explores going enterprises’ cooperative actions to control markets through social networks. It is argued that 1) market institutions are created and controlled by business enterprises and the state, that 2) competition and cooperation among business enterprises are two sides of the same coin, that 3) competition is regulated, and hence that 4) market instability is managed, if not eliminated, by those who control the market. Such arguments lead to the managed competition thesis that encompasses corporate governance, market governance, and market regulation in an integrative manner.

Suggested Citation

  • Jo, Tae-Hee, 2013. "Uncertainty, Instability, and the Control of Markets," MPRA Paper 47936, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:47936
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/47936/1/MPRA_paper_47936.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Lee,Frederic S., 2006. "Post Keynesian Price Theory," Cambridge Books, Cambridge University Press, number 9780521030212.
    2. Geoffrey Hodgson & Thorbjørn Knudsen, 2004. "The firm as an interactor: firms as vehicles for habits and routines," Journal of Evolutionary Economics, Springer, vol. 14(3), pages 281-307, July.
    3. Frederic S. Lee, 2002. "Theory creation and the methodological foundation of Post Keynesian economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 26(6), pages 789-804, November.
    4. Jo, Tae-Hee & Henry, John F., 2013. "Take the Money and Run: The Business Enterprise in the Age of Money Manager Capitalism," MPRA Paper 48782, University Library of Munich, Germany.
    5. Killian J. McCarthy, 2013. "The Business Environment," Palgrave Macmillan Books, in: Understanding Mergers and Acquisitions in the 21st Century, chapter 2, pages 11-36, Palgrave Macmillan.
    6. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
    7. Veblen, Thorstein, 1921. "The Engineers and the Price System," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1921.
    8. Tae-Hee Jo, 2015. "Financing Investment under Fundamental Uncertainty and Instability: A Heterodox Microeconomic View," Bulletin of Political Economy, Bulletin of Political Economy, vol. 9(1), pages 33-54, June.
    9. Alfred S. Eichner, 1983. "Why Economics Is Not Yet a Science," Journal of Economic Issues, Taylor & Francis Journals, vol. 17(2), pages 507-520, June.
    10. John Groenewegen, 2004. "Who Should Control the Firm? Insights from New and Original Institutional Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 38(2), pages 353-361, June.
    11. J. A. Kregel, 1980. "Markets and Institutions as Features of a Capitalistic Production System," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 3(1), pages 32-48, October.
    12. Tae-Hee Jo, 2013. "Saving Private Business Enterprises," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(2), pages 447-467, April.
    13. Peter B. Meyer, 1986. "The Corporate Person and Social Control: Responding to Deregulation," Review of Radical Political Economics, Union for Radical Political Economics, vol. 18(3), pages 65-84, September.
    14. Killian J. McCarthy & Wilfred Dolfsma, 2013. "Understanding Mergers and Acquisitions in the 21st Century," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-137-27807-4.
    15. Joëlle Leclaire & Tae-Hee Jo & Jane Knodell (ed.), 2011. "Heterodox Analysis of Financial Crisis and Reform," Books, Edward Elgar Publishing, number 13978.
    16. Veblen, Thorstein, 1919. "The Vested Interests and the Common Man," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1919.
    17. Paddy Ireland, 2010. "Limited liability, shareholder rights and the problem of corporate irresponsibility," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 34(5), pages 837-856.
    18. Mayhew, Anne, 1998. "On the Difficulty of Evolutionary Analysis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 22(4), pages 449-461, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Tae-Hee Jo, 2019. "The Institutionalist Theory of the Business Enterprise: Past, Present, and Future," Journal of Economic Issues, Taylor & Francis Journals, vol. 53(3), pages 597-611, July.
    2. Tae-Hee Jo, 2021. "Veblen’s evolutionary methodology and its implications for heterodox economics in the calculable future," Review of Evolutionary Political Economy, Springer, vol. 2(2), pages 277-295, July.
    3. Jo, Tae-Hee, 2011. "Heterodox Critiques of Corporate Social Responsibility," MPRA Paper 35367, University Library of Munich, Germany.
    4. Tae-Hee Jo & John F. Henry, 2015. "The Business Enterprise in the Age of Money Manager Capitalism," Journal of Economic Issues, Taylor & Francis Journals, vol. 49(1), pages 23-46, January.
    5. Jo, Tae-Hee & Henry, John F., 2013. "Take the Money and Run: The Business Enterprise in the Age of Money Manager Capitalism," MPRA Paper 48782, University Library of Munich, Germany.
    6. Tae-Hee Jo, 2015. "Financing Investment under Fundamental Uncertainty and Instability: A Heterodox Microeconomic View," Bulletin of Political Economy, Bulletin of Political Economy, vol. 9(1), pages 33-54, June.
    7. Jo, Tae-Hee, 2016. "The Social Provisioning Process and Heterodox Economics," MPRA Paper 72384, University Library of Munich, Germany.
    8. Clare Virginia Eby, 1998. "Veblen’s Assault on Time," Journal of Economic Issues, Taylor & Francis Journals, vol. 32(3), pages 689-707, September.
    9. Tae-Hee Jo, 2021. "A Veblenian Critique of Nelson and Winter’s Evolutionary Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 55(4), pages 1101-1117, October.
    10. Tae-Hee Jo, 2016. "What If There Are No Conventional Price Mechanisms?," Journal of Economic Issues, Taylor & Francis Journals, vol. 50(2), pages 327-344, April.
    11. Terutomo Ozawa, 2004. "Veblen’s Theories of “Latecomer Advantage” and “The Machine Process”: Relevancy for Flexible Production," Journal of Economic Issues, Taylor & Francis Journals, vol. 38(2), pages 379-388, June.
    12. Ferguson-Cradler, Gregory, 2020. "Ownership in the electricity market: Property, the firm, and the climate crisis," MPIfG Discussion Paper 20/5, Max Planck Institute for the Study of Societies.
    13. Tae-Hee Jo, 2013. "Saving Private Business Enterprises," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(2), pages 447-467, April.
    14. Zdravka Todorova, 2015. "A Veblenian articulation of the monetary theory of production," Working Papers PKWP1501, Post Keynesian Economics Society (PKES).
    15. Tae‐Hee Jo, 2011. "Social Provisioning Process and Socio‐Economic Modeling," American Journal of Economics and Sociology, Wiley Blackwell, vol. 70(5), pages 1094-1116, November.
    16. Jo, Tae-Hee, 2016. "A Heterodox Theory of the Business Enterprise," MPRA Paper 72426, University Library of Munich, Germany.
    17. Ceyhun GÜRKAN, 2020. "Fiscal Sociology and Veblen’s Critique of Capitalism: Insights for Social Economics and the 2008 Crisis," Sosyoekonomi Journal, Sosyoekonomi Society, issue 28(43).
    18. J. Patrick Raines & Charles G. Leathers, 1992. "Financial Innovations and Veblen’s Theory of Financial Markets," Journal of Economic Issues, Taylor & Francis Journals, vol. 26(2), pages 433-440, June.
    19. Anastassios D. Karayiannis & Allan E. Young, 2003. "Entrepreneurial Activities in a Veblenian Type Transition Economy," The American Economist, Sage Publications, vol. 47(2), pages 40-51, October.
    20. Zdravka Todorova & Tae-Hee Jo, 2015. "Frederic S. Lee's contributions to heterodox economics," Working Papers PKWP1504, Post Keynesian Economics Society (PKES).

    More about this item

    Keywords

    Market control; managed competition; uncertainty; instability;
    All these keywords.

    JEL classification:

    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:47936. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.