Dualities in the Organising of Markets

William Jackson

Discussion Papers from Department of Economics, University of York

Abstract: Economic theory often assumes that traders sell or buy within a market but do not organise it: organising remains separate from trading, in an implicit dualism. This paper argues that we never see organising-trading dualism outside a hypothetical ideal – what we see is duality, whereby organising and trading are distinct but entwined. While the voluntary exchange of property rights is regulated centrally, many details of market trade are decided locally by traders. Such semi‑decentralised organising generates other dualities, including stability-change, continuity-creativity and standardisation-differentiation. A duality perspective can encompass the apparent contradictions called forth by markets and the complexity that lets them adapt and evolve. respects priorities and maximizes self-consistent exclusion rights.

Keywords: markets; organisation; dualism; duality; complexity; evolution (search for similar items in EconPapers)
JEL-codes: B52 D40 L11 L14 (search for similar items in EconPapers)
Date: 2024-03
New Economics Papers: this item is included in nep-hme and nep-ind
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