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Market or Markets?


  • Richard Arena


  • Pierre Garrouste



The purpose of this contribution is related to our own view of the Austrian market approach. We first point out how Menger, Wieser, Hayek (to a more limited extent) and Lachmann successively made various analytical achievements which contributed to the emergence of an Austrian view of markets as institutions. We then characterize the original features of this notion and show why and how it allows a better understanding of the specificities of empirical markets and their dynamics.

Suggested Citation

  • Richard Arena & Pierre Garrouste, 2007. "Market or Markets?," ICER Working Papers 35-2007, ICER - International Centre for Economic Research.
  • Handle: RePEc:icr:wpicer:35-2007

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    References listed on IDEAS

    1. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
    2. Sugden, Robert, 1989. "Spontaneous Order," Journal of Economic Perspectives, American Economic Association, vol. 3(4), pages 85-97, Fall.
    3. Pierre Garrouste & Stavros Iaonnides, 2001. "Evolution and Path-Dependency in Economic Ideas: Past and Present," Post-Print halshs-00274526, HAL.
    4. Richard Arena & Agnès Festré (ed.), 2006. "Knowledge, Beliefs and Economics," Books, Edward Elgar Publishing, number 3100.
    5. Menard, Claude, 1995. "Markets as institutions versus organizations as markets? Disentangling some fundamental concepts," Journal of Economic Behavior & Organization, Elsevier, vol. 28(2), pages 161-182, October.
    6. Richard Arena & Sandye Gloria-Palermo, 2007. "Evolutionary Themes in the Austrian Tradition: Menger, von Wieser and Schumpeter on Institutions and Rationality," Chapters,in: The Evolution of Economic Institutions, chapter 11 Edward Elgar Publishing.
    7. Milgrom, Paul & Roberts, John, 1990. "Rationalizability, Learning, and Equilibrium in Games with Strategic Complementarities," Econometrica, Econometric Society, vol. 58(6), pages 1255-1277, November.
    8. Richardson, G B, 1972. "The Organisation of Industry," Economic Journal, Royal Economic Society, vol. 82(327), pages 883-896, September.
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    More about this item


    markets; coordination; creation and evolution;

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian


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