Nature of Market

John Lepper
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John Lepper: Lancaster University

Chapter 1 in An Enquiry into the Ideology and Reality of Market and Market System, 2011, pp 15-37 from Palgrave Macmillan

Abstract: Abstract The simplest definition of Market is also the most common. In 1974, Robinson formalised it as follows: “The concept of the market in the economic theory … was primarily conceived as an exchange of goods for goods between individuals differing amongst themselves in their particular ‘endowments’ and their particular ‘tastes’ but standing in symmetrical economic relations to each other.” (Robinson, 1974/1980: 153).

Keywords: Market Price; Equilibrium Price; Input Price; Social Space; Market System (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-34680-2_2

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DOI: 10.1057/9780230346802_2

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