This paper (9,201 words) argues that there is more to the becoming of a market than income-level of the buyer. A market is a fine webbed institutional setting that is worthwhile for economists to study. It argues that there are five characteristics to look at, namely demand, supply, and beyond the neo-classical model the ability to contract, the location (in space and time) to contract, and the purpose why the market was called into being. The interaction of these five characteristics shapes the development paths of markets. The framework is exemplarily applied to a commodity and a public good market, i. e. fish and minibus (“matatu”) services in Uganda, East Africa since the mid-1980ties.
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number
5559.
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