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Defining Markets

In: Markets: Perspectives from Economic and Social Theory

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  • Jackson, William A.

Abstract

Economics teaching dwells at length on markets, as in the supply-and-demand diagram, the most widespread of textbook models. The organised nature of markets narrows down their definition but remains vague about their structural details. Markets can be interpreted as voluntary exchanges that are organised and institutionalised so as to ease trade. Trade spans the whole economy, it can best be classified as distribution and distinguished from production or consumption. Trade without money would usually be classified as non-market exchange, though the exact meaning of barter has been contentious. A possible way forward is to have both ‘weak’ definitions of markets that correspond to everyday language and ‘strong’ definitions that correspond to ideal markets. If market trade has fluid characteristics, then theorists may pick out different characteristics and portray markets in alternative ways. The chapter also presents an overview of the key concepts discussed in this book.

Suggested Citation

  • Jackson, William A., 2019. "Defining Markets," EconStor Open Access Book Chapters, in: Markets: Perspectives from Economic and Social Theory, pages 3-11, ZBW - Leibniz Information Centre for Economics.
    • Handle: RePEc:zbw:eschap:342765
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    References listed on IDEAS

    as
    1. Eckehard Rosenbaum, 2000. "What is a Market? On the Methodology of a Contested Concept," Review of Social Economy, Taylor & Francis Journals, vol. 58(4), pages 455-482.
    2. William A. Jackson, 2007. "On the social structure of markets," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 31(2), pages 235-253, March.
    3. William A. Jackson, 2018. "Strategic Pluralism and Monism in Heterodox Economics," Review of Radical Political Economics, Union for Radical Political Economics, vol. 50(2), pages 237-251, June.
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    Keywords

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    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General

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