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The Many Faces of the Market


  • Boettke Peter J.

    (George Mason University)

  • Coyne Christopher J.

    (George Mason University)

  • Leeson Peter T.

    (George Mason University)


While markets are all around us, not all markets are the same. Markets come in a variety of colors based on the legality of activities in the specific market. As such, there is no market economy per se, but instead various shades of markets. The different shades of markets that are evidenced in practice directly depend on the institutional environment that makes certain activities legal or illegal. Shifts in the institutional environment are a result of entrepreneurial activity over the rules of the game. The rules of the game and resulting shade of the market in turn impact entrepreneurs acting within those rules and hence economic development or the lack thereof.Léconomie de marché est en réalité une économie des marchés. La variété des marchés sexplique par la légalité des activités sur chacun dentre eux. Ainsi il nexiste pas une économie de marché en soi, mais plutôt plusieurs formes de marché. Ces formes manifestes de marché sont fonction de lenvironnement institutionnel qui rend certaines activités légales ou illégales. Les changements de lenvironnement institutionnel sont le résultat de lactivité entrepreneuriale en dehors des règles du jeu. Les règles du jeu ainsi que la forme du marché qui leur est associée influencent à leur tour les actions entrepreneuriales et donc le développement économique.

Suggested Citation

  • Boettke Peter J. & Coyne Christopher J. & Leeson Peter T., 2004. "The Many Faces of the Market," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 14(2), pages 1-18, December.
  • Handle: RePEc:bpj:jeehcn:v:14:y:2004:i:2:n:5

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    References listed on IDEAS

    1. Djankov, Simeon & Glaeser, Edward & La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei, 2003. "The new comparative economics," Journal of Comparative Economics, Elsevier, vol. 31(4), pages 595-619, December.
    2. Baumol, William J., 1996. "Entrepreneurship: Productive, unproductive, and destructive," Journal of Business Venturing, Elsevier, vol. 11(1), pages 3-22, January.
    3. Katsenelinboigen, Aron & Levine, Herbert S, 1977. "Market and Plan; Plan and Market: The Soviet Case," American Economic Review, American Economic Association, vol. 67(1), pages 61-66, February.
    4. Kevin M. Murphy & Andrei Shleifer & Robert W. Vishny, 1991. "The Allocation of Talent: Implications for Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 503-530.
    5. Scully, Gerald W, 1988. "The Institutional Framework and Economic Development," Journal of Political Economy, University of Chicago Press, vol. 96(3), pages 652-662, June.
    6. Svetozar Pejovich, 2003. "Understanding the Transaction Costs of Transition: it's the Culture, Stupid," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 16(4), pages 347-361, December.
    7. Peter T. Leeson, 2003. "Contracts Without Government," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 18(Spring 20), pages 35-54.
    8. Steve Pejovich, 2003. "Understanding the transaction costs of transition: it's the culture, stupid," ICER Working Papers 24-2003, ICER - International Centre for Economic Research.
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    Cited by:

    1. Peter Boettke & Christopher Coyne & Peter Leeson & Frederic Sautet, 2005. "The New Comparative Political Economy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 18(3), pages 281-304, December.

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