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On the Emergence of the Market Pattern


  • Eduardo Zambrano


I examine the work of POLANYI [1957] to extract from it hypotheses related to the emergence and operation of the capitalist system. I adapt models from the literature on complex adaptive systems and evolutionary game theory to build a fictitious society in which I "test" those hypotheses. The results are encouraging: The model provides functional insight on the relationship between the commoditization of labor and the emergence of a self-equilibrating market economy.

Suggested Citation

  • Eduardo Zambrano, 1998. "On the Emergence of the Market Pattern," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 154(3), pages 481-481, September.
  • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(199809)154:3_481:oteotm_2.0.tx_2-h

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    References listed on IDEAS

    1. Richard N. Block & Jack Stieber, 1987. "The Impact of Attorneys and Arbitrators on Arbitration Awards," ILR Review, Cornell University, ILR School, vol. 40(4), pages 543-555, July.
    2. Ashenfelter, Orley, et al, 1992. "An Experimental Comparison of Dispute Rates in Alternative Arbitration Systems," Econometrica, Econometric Society, vol. 60(6), pages 1407-1433, November.
    3. John D. Burger & Stephen J.K. Walters, 2005. "Arbitrator Bias and Self-Interest: Lessons from the Baseball Labor Market," Journal of Labor Research, Transaction Publishers, vol. 26(2), pages 267-280, January.
    4. Jue-Shyan Wang, 2007. "Fee-Shifting Rules in Litigation with Contingency Fees," Journal of Law, Economics, and Organization, Oxford University Press, vol. 23(3), pages 519-546, October.
    5. Baik, Kyung Hwan & Kim, In-Gyu, 2007. "Contingent fees versus legal expenses insurance," International Review of Law and Economics, Elsevier, vol. 27(3), pages 351-361, September.
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    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems


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