Can the concept of the market be considered as a "system" or not? What about "institution"? What are the scientific articles in this field?
Asked
Active
Viewed 39 times
1 Answers
1
Specific types of markets can be considered institutions, but market as an umbrella term not.
For example, Acemoglu and Robinson use example of free labor market as an example of institution, see for example their work Why Nations Fail, (however, another example of an institution might be unfree labor market dominated by caste system).
Market system is used more loosely to just refer to economic system or portion of economic system operating using markets.
1muflon1
- 56,292
- 4
- 53
- 108