A Treatise on the Natural Philosophy of Economics
- New Horizons in Institutional and Evolutionary Economics series
Chapter 8: Markets
This chapter is the capstone chapter of this book. I pull together all established concepts and ideas in order to explore what markets are. The precise definition of markets will be the outcome of this chapter, so I only start with a rough idea right now. This is that markets are special kinds of bimodal networks which realize transactions involving peculiar institutions and artefacts, in particular money. These networks are usually the object of the science of economics. In other words, I follow the ‘markets are networks’ view proposed by economic sociologists, in particular, but which is also advocated in management science and organization studies, and in certain areas of economics (for example Forsgren and Johanson 1992; Ring 1996; Rauch and Hamilton 2001; Granovetter 2002; Earl and Wakeley 2010; Goyal 2011), but add the bimodal perspective developed in Chapter Five by extending the semiotic approach to the analysis of markets; this dimension inheres the special role assigned to the artefact of money which entails viewing prices as material artefacts.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.