IDEAS home Printed from https://ideas.repec.org/p/yor/yorken/24-02.html
   My bibliography  Save this paper

Dualities in the Organising of Markets

Author

Listed:
  • William A Jackson

Abstract

Economic theory often assumes that traders sell or buy within a market but do not organise it: organising remains separate from trading, in an implicit dualism. This paper argues that we never see organising-trading dualism outside a hypothetical ideal – what we see is duality, whereby organising and trading are distinct but entwined. While the voluntary exchange of property rights is regulated centrally, many details of market trade are decided locally by traders. Such semi‑decentralised organising generates other dualities, including stability-change, continuity-creativity and standardisation-differentiation. A duality perspective can encompass the apparent contradictions called forth by markets and the complexity that lets them adapt and evolve. respects priorities and maximizes self-consistent exclusion rights.

Suggested Citation

  • William A Jackson, 2024. "Dualities in the Organising of Markets," Discussion Papers 24/02, Department of Economics, University of York.
    • Handle: RePEc:yor:yorken:24/02
    as

    Download full text from publisher

    File URL: https://www.york.ac.uk/media/economics/documents/discussionpapers/2024/2402.pdf
    File Function: Main text
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Geoffrey M. Hodgson, 2003. "Capitalism, Complexity, and Inequality," Journal of Economic Issues, Taylor & Francis Journals, vol. 37(2), pages 471-478, June.
    2. William A. Jackson, 2007. "On the social structure of markets," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 31(2), pages 235-253, March.
    3. John Groenewegen, 1994. "About Double Organized Markets: Issues of Competition and Cooperation. The Dutch Construction Cartel: An Illustration," Journal of Economic Issues, Taylor & Francis Journals, vol. 28(3), pages 901-908, September.
    4. Williamson, Oliver E, 1994. "Visible and Invisible Governance," American Economic Review, American Economic Association, vol. 84(2), pages 323-326, May.
    5. Wolfram Elsner & Gero Hocker & Henning Schwardt, 2010. "Simplistic vs. Complex Organization: Markets, Hierarchies, and Networks in an Organizational Triangle — A Simple Heuristic to Analyze Real-World Organizational Forms —," Journal of Economic Issues, Taylor & Francis Journals, vol. 44(1), pages 1-30.
    6. Rudolf Richter, 2007. "The Market as Organization," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 163(3), pages 483-492, September.
    7. Lin, Daomi & Lu, Jiangyong & Li, Peter Ping & Liu, Xiaohui, 2015. "Balancing Formality and Informality in Business Exchanges as a Duality: A Comparative Case Study of Returnee and Local Entrepreneurs in China," Management and Organization Review, Cambridge University Press, vol. 11(2), pages 315-342, June.
    8. Wolfram Elsner, 2017. "Complexity Economics as Heterodoxy: Theory and Policy," Journal of Economic Issues, Taylor & Francis Journals, vol. 51(4), pages 939-978, October.
    9. Deborah Dougherty, 2001. "Reimagining the Differentiation and Integration of Work for Sustained Product Innovation," Organization Science, INFORMS, vol. 12(5), pages 612-631, October.
    10. Sutherland, Fiona & Smith, Aaron CT, 2011. "Duality theory and the management of the change–stability paradox," Journal of Management & Organization, Cambridge University Press, vol. 17(4), pages 534-547, July.
    11. Jackson, William A., 1999. "Dualism, Duality and the Complexity of Economic Institutions," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 26(4), pages 545-558.
    12. William Redmond, 2010. "Rules and Roles in the Marketplace: Self-Organization of the Market," Journal of Economic Issues, Taylor & Francis Journals, vol. 44(2), pages 337-344.
    13. Scott Sonenshein, 2016. "Routines and Creativity: From Dualism to Duality," Organization Science, INFORMS, vol. 27(3), pages 739-758, June.
    14. Sebastian Berger & Wolfram Elsner, 2007. "European Contributions to Evolutionary Institutional Economics: The Cases of ‘Cumulative Circular Causation’ (CCC) and ‘Open Systems Approach’ (OSA). Some Methodological and Policy Implications," Journal of Economic Issues, Taylor & Francis Journals, vol. 41(2), pages 529-537, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. William A. Jackson, 2024. "Markets as dualistic, semi-decentralized organizations," Review of Evolutionary Political Economy, Springer, vol. 5(1), pages 153-172, June.
    2. Jackson, William A., 2013. "The Desocialising of Economic Theory," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 40(9), pages 809-825.
    3. Wolf Rogowski & Wolfram Elsner, 2021. "How economics can help mitigate climate change - a critical review and conceptual analysis of economic paradigms," Bremen Papers on Economics & Innovation 2106, University of Bremen, Faculty of Business Studies and Economics.
    4. Wen-Dong Lv & Dan Tian & Yuan Wei & Rui-Xue Xi, 2018. "Innovation Resilience: A New Approach for Managing Uncertainties Concerned with Sustainable Innovation," Sustainability, MDPI, vol. 10(10), pages 1-25, October.
    5. Gilstrap, J. Bruce & Hart, Timothy A., 2020. "How employee behaviors effect organizational change and stability," Journal of Business Research, Elsevier, vol. 109(C), pages 120-131.
    6. Dwibedy, Punyashlok, 2022. "Informal competition and product innovation decisions of new ventures and incumbents across developing and transitioning countries," Journal of Business Venturing Insights, Elsevier, vol. 17(C).
    7. Maciejczak, Mariusz, 2015. "Will the institution of coexistence be re-defined by TTIP?," GMCC-15: Seventh GMCC, November 17-20, 2015, Amsterdam, the Netherlands 211478, International Conference on Coexistence between Genetically Modified (GM) and non-GM based Agricultural Supply Chains (GMCC).
    8. Alvesson, Mats & Sveningsson, Stefan, 2011. "Management is the solution: Now what was the problem? On the fragile basis for managerialism," Scandinavian Journal of Management, Elsevier, vol. 27(4), pages 349-361.
    9. Nicola Francesco Dotti & André Spithoven, 2018. "Economic drivers and specialization patterns in the spatial distribution of Framework Programme's participation," Papers in Regional Science, Wiley Blackwell, vol. 97(4), pages 863-882, November.
    10. Tzeng, Cheng-Hua, 2018. "How foreign knowledge spillovers by returnee managers occur at domestic firms: An institutional theory perspective," International Business Review, Elsevier, vol. 27(3), pages 625-641.
    11. Diether Gebert & Sabine Boerner & Eric Kearney, 2010. "Fostering Team Innovation: Why Is It Important to Combine Opposing Action Strategies?," Organization Science, INFORMS, vol. 21(3), pages 593-608, June.
    12. Noussair, Charles N. & Seres, Gyula, 2020. "The effect of collusion on efficiency in experimental auctions," Games and Economic Behavior, Elsevier, vol. 119(C), pages 267-287.
    13. Phanish Puranam, 2021. "Human–AI collaborative decision-making as an organization design problem," Journal of Organization Design, Springer;Organizational Design Community, vol. 10(2), pages 75-80, June.
    14. Kingshuk K. Sinha & Andrew H. Van de Ven, 2005. "Designing Work Within and Between Organizations," Organization Science, INFORMS, vol. 16(4), pages 389-408, August.
    15. Justin J. P. Jansen & Michiel P. Tempelaar & Frans A. J. van den Bosch & Henk W. Volberda, 2009. "Structural Differentiation and Ambidexterity: The Mediating Role of Integration Mechanisms," Organization Science, INFORMS, vol. 20(4), pages 797-811, August.
    16. Liu, Xiaohui & Xia, Tianjiao & Jiangyong, Lu & Lin, Daomi, 2019. "Under what institutional conditions does overseas business knowledge contribute to firm performance?," International Business Review, Elsevier, vol. 28(3), pages 588-602.
    17. Christian Jung-Gehling & Erik Strauss, 2018. "A Contemporary Concept of Organizational Control: Its Dependence on Shared Values and Impact on Motivation," Schmalenbach Business Review, Springer;Schmalenbach-Gesellschaft, vol. 70(4), pages 341-374, November.
    18. Nicolai J. Foss & Keld Laursen & Torben Pedersen, 2011. "Linking Customer Interaction and Innovation: The Mediating Role of New Organizational Practices," Organization Science, INFORMS, vol. 22(4), pages 980-999, August.
    19. Cécile CEZANNE & Laurence SAGLIETTO, 2014. "Human Capital-Intensive Firms and Symbolic Value Creation," Timisoara Journal of Economics and Business, West University of Timisoara, Romania, Faculty of Economics and Business Administration, vol. 7(1), pages 70-88.
    20. Stefano Brusoni & Lorenzo Cassi & Simge Tuna, 2021. "Knowledge integration between technical change and strategy making," Journal of Evolutionary Economics, Springer, vol. 31(5), pages 1521-1552, November.

    More about this item

    Keywords

    markets; organisation; dualism; duality; complexity; evolution;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:yor:yorken:24/02. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Paul Hodgson (email available below). General contact details of provider: https://edirc.repec.org/data/deyoruk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.