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The Market Concept: A Characterization from Institutional and Post‐Keynesian Economics
Author(s) -
FernándezHuerga Eduardo
Publication year - 2013
Publication title -
american journal of economics and sociology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.199
H-Index - 38
eISSN - 1536-7150
pISSN - 0002-9246
DOI - 10.1111/ajes.12004
Subject(s) - opposition (politics) , economics , institutional economics , characterization (materials science) , set (abstract data type) , neoclassical economics , positive economics , point (geometry) , public economics , microeconomics , political science , law , materials science , geometry , mathematics , politics , computer science , programming language , nanotechnology
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‐ K eynesian 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.