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The Many Faces of the Market

Author

Listed:
  • Boettke Peter J.

    (George Mason University)

  • Coyne Christopher J.

    (George Mason University)

  • Leeson Peter T.

    (George Mason University)

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.L'économie de marché est en réalité une économie des marchés. La variété des marchés s'explique par la légalité des activités sur chacun d'entre eux. Ainsi il n'existe pas une économie de marché en soi, mais plutôt plusieurs formes de marché. Ces formes manifestes de marché sont fonction de l'environnement institutionnel qui rend certaines activités légales ou illégales. Les changements de l'environnement institutionnel sont le résultat de l'activité entrepreneuriale en dehors des règles du jeu. Les règles du jeu ainsi que la forme du marché qui leur est associée influencent à leur tour les actions entrepreneuriales et donc le développement économique.

Suggested Citation

  • Boettke Peter J. & Coyne Christopher J. & Leeson Peter T., 2004. "The Many Faces of the Market," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 14(2), pages 1-18, December.
    • Handle: RePEc:bpj:jeehcn:v:14:y:2004:i:2:n:5
    DOI: 10.2202/1145-6396.1127
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    References listed on IDEAS

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    Cited by:

    1. Lucas, David S. & Fuller, Caleb S. & Packard, Mark D., 2022. "Made to be broken? A theory of regulatory governance and rule-breaking entrepreneurial action," Journal of Business Venturing, Elsevier, vol. 37(6).
    2. Jackson, William A., 2024. "Markets as Dualistic, Semi-Decentralized Organizations," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 5(1), pages 153-172.
    3. Boettke, Peter J. & Candela, Rosolino A. & Zhukov, Konstantin, 2023. "The morality of illicit markets: “Greasing the wheels” or “greasing the palm”?," Journal of Economic Behavior & Organization, Elsevier, vol. 209(C), pages 411-422.
    4. Golz, Michael & D'Amico, Daniel J., 2018. "Market concentration in the international drug trade," Journal of Economic Behavior & Organization, Elsevier, vol. 150(C), pages 28-42.
    5. Peter Boettke & Christopher Coyne & Peter Leeson & Frederic Sautet, 2005. "The New Comparative Political Economy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 18(3), pages 281-304, December.
    6. Callais, Justin & Harris, Colin & Borchard, Ben, 2022. "The moral costs of markets: Testing the deterioration hypothesis," Journal of Economic Behavior & Organization, Elsevier, vol. 204(C), pages 200-220.

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