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Bringing markets back into economics

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  • Eliasson, Gunnar

Abstract

Markets, I argue, matter significantly for macroeconomic development. The reason for this strange statement is that policy practice in industrialized market economies is routinely governed by models that ignore the role of markets. Policy makers are therefore at risk of misunderstanding the economic situation and of mismanaging the economy.

Suggested Citation

  • Eliasson, Gunnar, 2023. "Bringing markets back into economics," Journal of Economic Behavior & Organization, Elsevier, vol. 216(C), pages 686-710.
    • Handle: RePEc:eee:jeborg:v:216:y:2023:i:c:p:686-710
    DOI: 10.1016/j.jebo.2023.10.001
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    References listed on IDEAS

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    More about this item

    Keywords

    Competence bloc; Deterministic chaos; Economy wide market self – coordination; Evolutionary modeling; Experimentally organized economy (EOE); Welfare;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • C - Mathematical and Quantitative Methods
    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development

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