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The Meaning of Market : Comparing Austrian and Institutional Economics


  • Philippe DULBECCO

    () (Centre d'Etudes et de Recherches sur le Développement International(CERDI))



Our contribution aims at revealing the terms of a confrontation between Austrian and Institutional schools concerning the nature and the role of markets. Such an approach is justified by, on the one hand, the characteristics shared by both theoretical traditions, and on the other by the existence of complementarity, which founds a representation of market mechanisms in terms of process. The point is that if the economic analysis of institutions constitutes an essential link in the Austrian project of building an alternative theory of markets, it is probably also the weakest one. The benefit of the confrontation is thus to draw up a theory of institutions compatible with an -Austrian- market process analysis. The analysis thus obtained, which grants a crucial place to the dynamics of institutions, builds a bridge between two traditions which have more to exchange than is usually thought, particulary in the perspective of the elaboration of an alternative theory of the market inside which time matters.

Suggested Citation

  • Philippe DULBECCO & DUTRAIVE, 1997. "The Meaning of Market : Comparing Austrian and Institutional Economics," Working Papers 199713, CERDI.
  • Handle: RePEc:cdi:wpaper:57

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    References listed on IDEAS

    1. Leathers, Charles G., 1990. "Veblen and Hayek on Instincts and Evolution," Journal of the History of Economic Thought, Cambridge University Press, vol. 12(02), pages 162-178, September.
    2. Pierre Garrouste, 1995. "L'origine et l'évolution des institutions : pour un dialogue entre C. Menger et T. Veblen," Post-Print halshs-00274534, HAL.
    3. Mark Setterfield, 1997. "Should Economists Dispense with the Notion of Equilibrium?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 20(1), pages 47-76, September.
    4. repec:mes:jeciss:v:22:y:1988:i:1:p:113-126 is not listed on IDEAS
    5. Stavros Ioannides, 1992. "The Market, Competition And Democracy," Books, Edward Elgar Publishing, number 240.
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    Cited by:

    1. Oliver Budzinski, 2003. "Cognitive Rules, Institutions, and Competition," Constitutional Political Economy, Springer, vol. 14(3), pages 213-233, September.
    2. Kapás, Judit, 2003. "A piac mint intézmény - szélesebb perspektívában
      [The market as an institution - in a broader perspective]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1076-1094.


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