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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.L’économie de marché est en réalité une économie des marchés. La variété des marchés s’explique par la légalité des activités sur chacun d’entre eux. Ainsi il n’existe pas une économie de marché en soi, mais plutôt plusieurs formes de marché. Ces formes manifestes de marché sont fonction de l’environnement institutionnel qui rend certaines activités légales ou illégales. Les changements de l’environnement institutionnel sont le résultat de l’activité 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.

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Article provided by De Gruyter in its journal Journal des Economistes et des Etudes Humaines.

Volume (Year): 14 (2004)
Issue (Month): 2 (December)
Pages: 1-18

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Handle: RePEc:bpj:jeehcn:v:14:y:2004:i:2:n:5
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