Open Access
How can we analyse real world markets
Lynne Chester
- pp 115-126
TLDR
In this paper, the authors propose a method for empirical investigation to explain the structure, operation, interactions and outcomes of real world markets, which is based on the "real constitution" of markets.Abstract:
The hegemony of neoliberalism has seen the market virtually canonised with mainstream neoclassical economics successfully shaping a general understanding of the market as being synonymous with the economy and capitalism more generally. But mainstream economics portrays the market as a normative ideal framed around a set of abstract assumptions incompatible with reality. This conception and assumptions have been roundly challenged and there is a burgeoning discourse cogently demonstrating that real-world markets do not emerge in some vacuum, are persistently vulnerable to failure, influence the nature and relationships of individuals, and their operation depends on highly complex nonmarket institutional arrangements into which they are deeply embedded. But economists have shown little interest, until more recently, in the ‘real constitution’ of markets. In seeking to analyse real world markets, this paper posits a method for empirical investigation to explain the structure, operation, interactions and outcomes of actually existing markets.read more
Citations
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Journal ArticleDOI
Breaking the Mould: An Institutionalist Political Economy Alternative to the Neoliberal Theory of the Market and the State (review)
Posted Content
Actually Existing Markets: The Case of Neoliberal Australia
TL;DR: In this paper, the eligibility rules for access and ongoing participation, interaction of participants, role of intermediaries and government, the extent of competition, complex regulatory regimes shaping and controlling these markets, and key market outcomes.
Journal ArticleDOI
Actually Existing Markets: The Case of Neoliberal Australia
TL;DR: In this paper, the eligibility rules for access and ongoing participation, interaction of participants, role of intermediaries and government, the extent of competition, complex regulatory regimes shaping and controlling these markets, and key market outcomes.
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