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Dualities in the Organising of Markets

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  • William A Jackson

Abstract

Economic theory often assumes that traders sell or buy within a market but do not organise it: organising remains separate from trading, in an implicit dualism. This paper argues that we never see organising-trading dualism outside a hypothetical ideal – what we see is duality, whereby organising and trading are distinct but entwined. While the voluntary exchange of property rights is regulated centrally, many details of market trade are decided locally by traders. Such semi‑decentralised organising generates other dualities, including stability-change, continuity-creativity and standardisation-differentiation. A duality perspective can encompass the apparent contradictions called forth by markets and the complexity that lets them adapt and evolve. respects priorities and maximizes self-consistent exclusion rights.

Suggested Citation

  • William A Jackson, 2024. "Dualities in the Organising of Markets," Discussion Papers 24/02, Department of Economics, University of York.
    • Handle: RePEc:yor:yorken:24/02
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    More about this item

    Keywords

    markets; organisation; dualism; duality; complexity; evolution;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation

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