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On the Emergence of the Market Pattern

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  • Eduardo Zambrano

Abstract

I examine the work of POLANYI [1957] to extract from it hypotheses related to the emergence and operation of the capitalist system. I adapt models from the literature on complex adaptive systems and evolutionary game theory to build a fictitious society in which I "test" those hypotheses. The results are encouraging: The model provides functional insight on the relationship between the commoditization of labor and the emergence of a self-equilibrating market economy.

Suggested Citation

  • Eduardo Zambrano, 1998. "On the Emergence of the Market Pattern," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 154(3), pages 481-481, September.
    • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(199809)154:3_481:oteotm_2.0.tx_2-h
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    More about this item

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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