The market as an institution

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Chapter 4 in Entrepreneurship and the Market Economy, 2024, pp 79-98 from Edward Elgar Publishing

Abstract: This chapter presents a detailed examination of the concept of a market and discusses the different institutional forms that a market can take. The term ‘market’ has different meanings in different contexts. A market was originally a forum, or central place, at which buyers and sellers met up. In the medieval period larger markets developed at ports and major administrative or religious centres. Later they expanded into industrial districts close to mining areas. The standard exposition of market theory is due to Alfred Marshall. The theory of entrepreneurship challenges the conventional interpretation of his model and suggests a very different interpretation instead. This alternative interpretation is elaborated in Chapters 6-9 of the book.

Keywords: Business and Management; Economics and Finance (search for similar items in EconPapers)
Date: 2024
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