The Market Concept

A Characterization from Institutional and Post-Keynesian Economics

Bibliographic Data

ID2785447
AuthorsEduardo Fernández‐huerga (0000-0001-8974-0440, Department of Economics and Statistics University of León Spain, corresponding author)
Year2013
Volume72
Issue2
Pages361-385
Publication date2013-04-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueAmerican Journal of Economics and Sociology (JOURNAL)
Journal identifiersISSN: 0002-9246 • E-ISSN: 1536-7150
PublisherWiley (PUBLISHER • GB)
DOI10.1111/ajes.12004
OpenAlexW1925014008
LanguageEN
Citations received2
References cited66

The neoclassical concept of the market is built on a number of assumptions that lead one to view it as a type of ether, devoid of any institutional content. In opposition to this point of view, this article proposes an alternative characterization of markets based on the fundamental principles of institutional and post-Keynesian economics. After reviewing the main features that characterize the behavior of economic agents, we analyze the set of interrelations between these agents within markets and the role of institutions in the regulation of these interrelations. Finally, we discuss some of the consequences generated by the institutional dimensions of markets with regard to their origins and evolution, the justification for their existence, or the evaluation of their results

Characterization (materials science) · Economics · Institutional economics · Microeconomics · Neoclassical economics · Opposition (politics) · Point (geometry) · Political science · Positive economics · Public economics · Set (abstract data type) · Economic Theory and Institutions · Economic Theory and Policy · Law · Political Economy and Marxism

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Open DOISci-HubOpen Access