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
Date Written: 2005
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: Suggested Citation