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

See all articles by Peter J. Boettke

Peter J. Boettke

George Mason University - Department of Economics; Mercatus Center at George Mason University

Christopher J. Coyne

George Mason University - Department of Economics

Peter T. Leeson

George Mason University - Department of Economics; George Mason University - Mercatus Center

Date Written: 2005

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.

Keywords: Markets, institutional environments, entrepreneurial activity, evolving institutions

JEL Classification: B52, B53, D02, D40

Suggested Citation

Boettke, Peter J. and Boettke, Peter J. and Coyne, Christopher J. and Leeson, Peter T., The Many Faces of the Market (2005). Journal des Economistes et des Etudes Humaines, Vol. 14, No. 2, 2004, Available at SSRN: https://ssrn.com/abstract=881773

Peter J. Boettke (Contact Author)

George Mason University - Department of Economics ( email )

4400 University Drive
Fairfax, VA 22030
United States
703-993-1149 (Phone)
703-993-1133 (Fax)

Mercatus Center at George Mason University ( email )

3434 Washington Blvd., 4th Floor
Arlington, VA 22201
United States

Christopher J. Coyne

George Mason University - Department of Economics ( email )

4400 University Drive
Fairfax, VA 22030
United States

HOME PAGE: http://www.ccoyne.com/

Peter T. Leeson

George Mason University - Department of Economics ( email )

4400 University Drive
Fairfax, VA 22030
United States

HOME PAGE: http://www.peterleeson.com

George Mason University - Mercatus Center ( email )

3434 Washington Blvd., 4th Floor
Arlington, VA 22201
United States

HOME PAGE: http://ppe.mercatus.org/scholars/peter-leeson

Do you have negative results from your research you’d like to share?

Paper statistics

Downloads
165
Abstract Views
2,020
Rank
325,734
PlumX Metrics