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The Many Faces of the MarketPeter J. BoettkeGeorge Mason University - Department of Economics Christopher J. CoyneGeorge Mason University - Department of Economics Peter T. LeesonGeorge Mason University - Department of Economics 2005 Journal des Economistes et des Etudes Humaines, Vol. 14, No. 2, 2004 Abstract: While markets are all around us, not all markets are the same. Markets come in a variety of colors based on the legality of activities in the specific market. As such, there is no market economy per se, but instead various shades of markets. The different shades of markets that are evidenced in practice directly depend on the institutional environment that makes certain activities legal or illegal. Shifts in the institutional environment are a result of entrepreneurial activity over the rules of the game. The rules of the game and resulting shade of the market in turn impact entrepreneurs acting within those rules and hence economic development or the lack thereof.
Number of Pages in PDF File: 18 Keywords: Markets, institutional environments, entrepreneurial activity, evolving institutions JEL Classification: B52, B53, D02, D40 Accepted Paper SeriesDate posted: February 8, 2006 ; Last revised: February 28, 2012Suggested CitationContact Information
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