The Many Faces of the Market

Journal des Economistes et des Etudes Humaines, Vol. 14, No. 2, 2004

18 Pages Posted: 8 Feb 2006 Last revised: 28 Feb 2012

Peter J. Boettke

George Mason University - Department of Economics

Christopher J. Coyne

George Mason University - Department of Economics

Peter T. Leeson

George Mason University - Department of Economics

Date Written: 2005

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.

Keywords: Markets, institutional environments, entrepreneurial activity, evolving institutions

JEL Classification: B52, B53, D02, D40

Suggested Citation

Boettke, Peter J. and Coyne, Christopher J. and Leeson, Peter T., The Many Faces of the Market (2005). Journal des Economistes et des Etudes Humaines, Vol. 14, No. 2, 2004. Available at SSRN: https://ssrn.com/abstract=881773

Peter J. Boettke (Contact Author)

George Mason University - Department of Economics ( email )

4400 University Drive
Fairfax, VA 22030
United States
703-993-1149 (Phone)
703-993-1133 (Fax)

Christopher J. Coyne

George Mason University - Department of Economics ( email )

4400 University Drive
Fairfax, VA 22030
United States

Peter T. Leeson

George Mason University - Department of Economics ( email )

4400 University Drive
Fairfax, VA 22030
United States

HOME PAGE: http://www.peterleeson.com

Paper statistics

Downloads
100
Rank
220,205
Abstract Views
1,011