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id="toc-Non-physical_markets" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Non-physical_markets"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Non-physical markets</span> </div> </a> <ul id="toc-Non-physical_markets-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Financial_markets" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Financial_markets"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>Financial markets</span> </div> </a> <ul id="toc-Financial_markets-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Unauthorized_and_illegal_markets" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Unauthorized_and_illegal_markets"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.5</span> <span>Unauthorized and illegal markets</span> </div> </a> <ul id="toc-Unauthorized_and_illegal_markets-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Mechanisms" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Mechanisms"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Mechanisms</span> </div> </a> <ul id="toc-Mechanisms-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Research" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Research"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Research</span> </div> </a> <button aria-controls="toc-Research-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Research subsection</span> </button> <ul id="toc-Research-sublist" class="vector-toc-list"> <li id="toc-Economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Economics</span> </div> </a> <ul id="toc-Economics-sublist" class="vector-toc-list"> <li id="toc-Political_economy" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Political_economy"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.1</span> <span>Political economy</span> </div> </a> <ul id="toc-Political_economy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Microeconomics" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Microeconomics"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.2</span> <span>Microeconomics</span> </div> </a> <ul id="toc-Microeconomics-sublist" class="vector-toc-list"> <li id="toc-Marginal_revolution" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Marginal_revolution"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.2.1</span> <span>Marginal revolution</span> </div> </a> <ul id="toc-Marginal_revolution-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Market_structure" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Market_structure"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.2.2</span> <span>Market structure</span> </div> </a> <ul id="toc-Market_structure-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Market_failure" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Market_failure"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.2.3</span> <span>Market failure</span> </div> </a> <ul id="toc-Market_failure-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-State_interference" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#State_interference"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.2.4</span> <span>State interference</span> </div> </a> <ul id="toc-State_interference-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Economic_coordination" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Economic_coordination"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.3</span> <span>Economic coordination</span> </div> </a> <ul id="toc-Economic_coordination-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Marketing" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Marketing"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Marketing</span> </div> </a> <ul id="toc-Marketing-sublist" class="vector-toc-list"> <li id="toc-Market_distribution" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Market_distribution"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2.1</span> <span>Market distribution</span> </div> </a> <ul id="toc-Market_distribution-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Marketing_management" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Marketing_management"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2.2</span> <span>Marketing management</span> </div> </a> <ul id="toc-Marketing_management-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Sociology" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Sociology"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3</span> <span>Sociology</span> </div> </a> <ul id="toc-Sociology-sublist" class="vector-toc-list"> <li id="toc-Economic_rationality" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Economic_rationality"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3.1</span> <span>Economic rationality</span> </div> </a> <ul id="toc-Economic_rationality-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Abstraction,_market_agencement_and_framing" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Abstraction,_market_agencement_and_framing"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3.2</span> <span>Abstraction, market agencement and framing</span> </div> </a> <ul id="toc-Abstraction,_market_agencement_and_framing-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Embeddedness" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Embeddedness"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3.3</span> <span>Embeddedness</span> </div> </a> <ul id="toc-Embeddedness-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Social_systems_theory" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Social_systems_theory"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3.4</span> <span>Social systems theory</span> </div> </a> <ul id="toc-Social_systems_theory-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Economic_geography" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Economic_geography"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.4</span> <span>Economic geography</span> </div> </a> <ul id="toc-Economic_geography-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Anthropology" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Anthropology"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.5</span> <span>Anthropology</span> </div> </a> <ul id="toc-Anthropology-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Mathematical_modeling" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Mathematical_modeling"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.6</span> <span>Mathematical modeling</span> </div> </a> <ul id="toc-Mathematical_modeling-sublist" class="vector-toc-list"> <li id="toc-Size_parameters" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Size_parameters"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.6.1</span> <span>Size parameters</span> </div> </a> <ul id="toc-Size_parameters-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Market (economics)</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 103 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-103" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">103 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-af mw-list-item"><a href="https://af.wikipedia.org/wiki/Mark_(ekonomie)" title="Mark (ekonomie) – Afrikaans" lang="af" hreflang="af" data-title="Mark (ekonomie)" data-language-autonym="Afrikaans" data-language-local-name="Afrikaans" class="interlanguage-link-target"><span>Afrikaans</span></a></li><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B3%D9%88%D9%82_(%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF)" title="سوق (اقتصاد) – Arabic" lang="ar" hreflang="ar" data-title="سوق (اقتصاد)" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-an mw-list-item"><a href="https://an.wikipedia.org/wiki/Mercau" title="Mercau – Aragonese" lang="an" hreflang="an" data-title="Mercau" data-language-autonym="Aragonés" data-language-local-name="Aragonese" class="interlanguage-link-target"><span>Aragonés</span></a></li><li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Merc%C3%A1u" title="Mercáu – Asturian" lang="ast" hreflang="ast" data-title="Mercáu" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target"><span>Asturianu</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Bazar_(iqtisadiyyat)" title="Bazar (iqtisadiyyat) – Azerbaijani" lang="az" hreflang="az" data-title="Bazar (iqtisadiyyat)" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-ban mw-list-item"><a href="https://ban.wikipedia.org/wiki/Pasar" title="Pasar – Balinese" lang="ban" hreflang="ban" data-title="Pasar" data-language-autonym="Basa Bali" data-language-local-name="Balinese" class="interlanguage-link-target"><span>Basa Bali</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%AC%E0%A6%BE%E0%A6%9C%E0%A6%BE%E0%A6%B0" title="বাজার – Bangla" lang="bn" hreflang="bn" data-title="বাজার" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-bjn mw-list-item"><a href="https://bjn.wikipedia.org/wiki/Pasar" title="Pasar – Banjar" lang="bjn" hreflang="bjn" data-title="Pasar" data-language-autonym="Banjar" data-language-local-name="Banjar" class="interlanguage-link-target"><span>Banjar</span></a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/Chh%C4%AB-ti%C3%BB%E2%81%BF" title="Chhī-tiûⁿ – Minnan" lang="nan" hreflang="nan" data-title="Chhī-tiûⁿ" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target"><span>閩南語 / Bân-lâm-gú</span></a></li><li class="interlanguage-link interwiki-be mw-list-item"><a href="https://be.wikipedia.org/wiki/%D0%A0%D1%8B%D0%BD%D0%B0%D0%BA" title="Рынак – Belarusian" lang="be" hreflang="be" data-title="Рынак" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target"><span>Беларуская</span></a></li><li class="interlanguage-link interwiki-be-x-old mw-list-item"><a href="https://be-tarask.wikipedia.org/wiki/%D0%A0%D1%8B%D0%BD%D0%B0%D0%BA" title="Рынак – Belarusian (Taraškievica orthography)" lang="be-tarask" hreflang="be-tarask" data-title="Рынак" data-language-autonym="Беларуская (тарашкевіца)" data-language-local-name="Belarusian (Taraškievica orthography)" class="interlanguage-link-target"><span>Беларуская (тарашкевіца)</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%9F%D0%B0%D0%B7%D0%B0%D1%80_(%D0%B8%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0)" title="Пазар (икономика) – Bulgarian" lang="bg" hreflang="bg" data-title="Пазар (икономика)" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-bar mw-list-item"><a href="https://bar.wikipedia.org/wiki/Markt" title="Markt – Bavarian" lang="bar" hreflang="bar" data-title="Markt" data-language-autonym="Boarisch" data-language-local-name="Bavarian" class="interlanguage-link-target"><span>Boarisch</span></a></li><li class="interlanguage-link interwiki-bs mw-list-item"><a href="https://bs.wikipedia.org/wiki/Tr%C5%BEi%C5%A1te" title="Tržište – Bosnian" lang="bs" hreflang="bs" data-title="Tržište" data-language-autonym="Bosanski" data-language-local-name="Bosnian" class="interlanguage-link-target"><span>Bosanski</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Mercat" title="Mercat – Catalan" lang="ca" hreflang="ca" data-title="Mercat" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cv mw-list-item"><a href="https://cv.wikipedia.org/wiki/%D0%A0%D1%8B%D0%BD%D0%BE%D0%BA" title="Рынок – Chuvash" lang="cv" hreflang="cv" data-title="Рынок" data-language-autonym="Чӑвашла" data-language-local-name="Chuvash" class="interlanguage-link-target"><span>Чӑвашла</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Trh_(ekonomie)" title="Trh (ekonomie) – Czech" lang="cs" hreflang="cs" data-title="Trh (ekonomie)" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-sn mw-list-item"><a href="https://sn.wikipedia.org/wiki/Musika_(Kunotengeswa)" title="Musika (Kunotengeswa) – Shona" lang="sn" hreflang="sn" data-title="Musika (Kunotengeswa)" data-language-autonym="ChiShona" data-language-local-name="Shona" class="interlanguage-link-target"><span>ChiShona</span></a></li><li class="interlanguage-link interwiki-cy mw-list-item"><a href="https://cy.wikipedia.org/wiki/Marchnad" title="Marchnad – Welsh" lang="cy" hreflang="cy" data-title="Marchnad" data-language-autonym="Cymraeg" data-language-local-name="Welsh" class="interlanguage-link-target"><span>Cymraeg</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Markt_(Wirtschaftswissenschaft)" title="Markt (Wirtschaftswissenschaft) – German" lang="de" hreflang="de" data-title="Markt (Wirtschaftswissenschaft)" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Turg" title="Turg – Estonian" lang="et" hreflang="et" data-title="Turg" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%91%CE%B3%CE%BF%CF%81%CE%AC_(%CE%B5%CE%BC%CF%80%CF%8C%CF%81%CE%B9%CE%BF)" title="Αγορά (εμπόριο) – Greek" lang="el" hreflang="el" data-title="Αγορά (εμπόριο)" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Mercado" title="Mercado – Spanish" lang="es" hreflang="es" data-title="Mercado" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Merkato" title="Merkato – Esperanto" lang="eo" hreflang="eo" data-title="Merkato" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Merkatu_(ekonomia)" title="Merkatu (ekonomia) – Basque" lang="eu" hreflang="eu" data-title="Merkatu (ekonomia)" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A8%D8%A7%D8%B2%D8%A7%D8%B1_(%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF)" title="بازار (اقتصاد) – Persian" lang="fa" hreflang="fa" data-title="بازار (اقتصاد)" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/March%C3%A9_(%C3%A9conomie)" title="Marché (économie) – French" lang="fr" hreflang="fr" data-title="Marché (économie)" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/Margadh" title="Margadh – Irish" lang="ga" hreflang="ga" data-title="Margadh" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target"><span>Gaeilge</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Mercado" title="Mercado – Galician" lang="gl" hreflang="gl" data-title="Mercado" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-hak mw-list-item"><a href="https://hak.wikipedia.org/wiki/S%E1%B9%B3-chh%C3%B2ng" title="Sṳ-chhòng – Hakka Chinese" lang="hak" hreflang="hak" data-title="Sṳ-chhòng" data-language-autonym="客家語 / Hak-kâ-ngî" data-language-local-name="Hakka Chinese" class="interlanguage-link-target"><span>客家語 / Hak-kâ-ngî</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%8B%9C%EC%9E%A5_(%EA%B2%BD%EC%A0%9C%ED%95%99)" title="시장 (경제학) – Korean" lang="ko" hreflang="ko" data-title="시장 (경제학)" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%87%D5%B8%D6%82%D5%AF%D5%A1" title="Շուկա – Armenian" lang="hy" hreflang="hy" data-title="Շուկա" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%AC%E0%A4%BE%E0%A4%9C%E0%A4%BC%E0%A4%BE%E0%A4%B0_(%E0%A4%85%E0%A4%B0%E0%A5%8D%E0%A4%A5%E0%A4%B6%E0%A4%BE%E0%A4%B8%E0%A5%8D%E0%A4%A4%E0%A5%8D%E0%A4%B0)" title="बाज़ार (अर्थशास्त्र) – Hindi" lang="hi" hreflang="hi" data-title="बाज़ार (अर्थशास्त्र)" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Tr%C5%BEi%C5%A1te" title="Tržište – Croatian" lang="hr" hreflang="hr" data-title="Tržište" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-io mw-list-item"><a href="https://io.wikipedia.org/wiki/Merkato" title="Merkato – Ido" lang="io" hreflang="io" data-title="Merkato" data-language-autonym="Ido" data-language-local-name="Ido" class="interlanguage-link-target"><span>Ido</span></a></li><li class="interlanguage-link interwiki-ilo mw-list-item"><a href="https://ilo.wikipedia.org/wiki/Pagtagilakuan" title="Pagtagilakuan – Iloko" lang="ilo" hreflang="ilo" data-title="Pagtagilakuan" data-language-autonym="Ilokano" data-language-local-name="Iloko" class="interlanguage-link-target"><span>Ilokano</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Pasar" title="Pasar – Indonesian" lang="id" hreflang="id" data-title="Pasar" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-zu mw-list-item"><a href="https://zu.wikipedia.org/wiki/INdayi" title="INdayi – Zulu" lang="zu" hreflang="zu" data-title="INdayi" data-language-autonym="IsiZulu" data-language-local-name="Zulu" class="interlanguage-link-target"><span>IsiZulu</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Marka%C3%B0ur" title="Markaður – Icelandic" lang="is" hreflang="is" data-title="Markaður" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Mercato" title="Mercato – Italian" lang="it" hreflang="it" data-title="Mercato" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A9%D7%95%D7%A7_(%D7%9B%D7%9C%D7%9B%D7%9C%D7%94)" title="שוק (כלכלה) – Hebrew" lang="he" hreflang="he" data-title="שוק (כלכלה)" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%91%E1%83%90%E1%83%96%E1%83%90%E1%83%A0%E1%83%98" title="ბაზარი – Georgian" lang="ka" hreflang="ka" data-title="ბაზარი" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%9D%D0%B0%D1%80%D1%8B%D2%9B" title="Нарық – Kazakh" lang="kk" hreflang="kk" data-title="Нарық" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-kg mw-list-item"><a href="https://kg.wikipedia.org/wiki/Zandu" title="Zandu – Kongo" lang="kg" hreflang="kg" data-title="Zandu" data-language-autonym="Kongo" data-language-local-name="Kongo" class="interlanguage-link-target"><span>Kongo</span></a></li><li class="interlanguage-link interwiki-gcr mw-list-item"><a href="https://gcr.wikipedia.org/wiki/March%C3%A9" title="Marché – Guianan Creole" lang="gcr" hreflang="gcr" data-title="Marché" data-language-autonym="Kriyòl gwiyannen" data-language-local-name="Guianan Creole" class="interlanguage-link-target"><span>Kriyòl gwiyannen</span></a></li><li class="interlanguage-link interwiki-lo mw-list-item"><a href="https://lo.wikipedia.org/wiki/%E0%BA%95%E0%BA%B0%E0%BA%AB%E0%BA%BC%E0%BA%B2%E0%BA%94" title="ຕະຫຼາດ – Lao" lang="lo" hreflang="lo" data-title="ຕະຫຼາດ" data-language-autonym="ລາວ" data-language-local-name="Lao" class="interlanguage-link-target"><span>ລາວ</span></a></li><li class="interlanguage-link interwiki-la mw-list-item"><a href="https://la.wikipedia.org/wiki/Mercatus_(oeconomia)" title="Mercatus (oeconomia) – Latin" lang="la" hreflang="la" data-title="Mercatus (oeconomia)" data-language-autonym="Latina" data-language-local-name="Latin" class="interlanguage-link-target"><span>Latina</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Tirgus" title="Tirgus – Latvian" lang="lv" hreflang="lv" data-title="Tirgus" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lb mw-list-item"><a href="https://lb.wikipedia.org/wiki/Maart" title="Maart – Luxembourgish" lang="lb" hreflang="lb" data-title="Maart" data-language-autonym="Lëtzebuergesch" data-language-local-name="Luxembourgish" class="interlanguage-link-target"><span>Lëtzebuergesch</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Rinka" title="Rinka – Lithuanian" lang="lt" hreflang="lt" data-title="Rinka" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-nia mw-list-item"><a href="https://nia.wikipedia.org/wiki/Harimbale" title="Harimbale – Nias" lang="nia" hreflang="nia" data-title="Harimbale" data-language-autonym="Li Niha" data-language-local-name="Nias" class="interlanguage-link-target"><span>Li Niha</span></a></li><li class="interlanguage-link interwiki-li mw-list-item"><a href="https://li.wikipedia.org/wiki/Merret_(ikkenemie)" title="Merret (ikkenemie) – Limburgish" lang="li" hreflang="li" data-title="Merret (ikkenemie)" data-language-autonym="Limburgs" data-language-local-name="Limburgish" class="interlanguage-link-target"><span>Limburgs</span></a></li><li class="interlanguage-link interwiki-ln mw-list-item"><a href="https://ln.wikipedia.org/wiki/W%C9%9Bnz%C9%9B" title="Wɛnzɛ – Lingala" lang="ln" hreflang="ln" data-title="Wɛnzɛ" data-language-autonym="Lingála" data-language-local-name="Lingala" class="interlanguage-link-target"><span>Lingála</span></a></li><li class="interlanguage-link interwiki-lmo mw-list-item"><a href="https://lmo.wikipedia.org/wiki/Mercaa" title="Mercaa – Lombard" lang="lmo" hreflang="lmo" data-title="Mercaa" data-language-autonym="Lombard" data-language-local-name="Lombard" class="interlanguage-link-target"><span>Lombard</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Piac_(k%C3%B6zgazdas%C3%A1gtan)" title="Piac (közgazdaságtan) – Hungarian" lang="hu" hreflang="hu" data-title="Piac (közgazdaságtan)" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%9F%D0%B0%D0%B7%D0%B0%D1%80" title="Пазар – Macedonian" lang="mk" hreflang="mk" data-title="Пазар" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ml mw-list-item"><a href="https://ml.wikipedia.org/wiki/%E0%B4%B5%E0%B4%BF%E0%B4%AA%E0%B4%A3%E0%B4%BF" title="വിപണി – Malayalam" lang="ml" hreflang="ml" data-title="വിപണി" data-language-autonym="മലയാളം" data-language-local-name="Malayalam" class="interlanguage-link-target"><span>മലയാളം</span></a></li><li class="interlanguage-link interwiki-mr mw-list-item"><a href="https://mr.wikipedia.org/wiki/%E0%A4%AC%E0%A4%BE%E0%A4%9C%E0%A4%BE%E0%A4%B0" title="बाजार – Marathi" lang="mr" hreflang="mr" data-title="बाजार" data-language-autonym="मराठी" data-language-local-name="Marathi" class="interlanguage-link-target"><span>मराठी</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Pasaran" title="Pasaran – Malay" lang="ms" hreflang="ms" data-title="Pasaran" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-min mw-list-item"><a href="https://min.wikipedia.org/wiki/Pasa" title="Pasa – Minangkabau" lang="min" hreflang="min" data-title="Pasa" data-language-autonym="Minangkabau" data-language-local-name="Minangkabau" class="interlanguage-link-target"><span>Minangkabau</span></a></li><li class="interlanguage-link interwiki-cdo mw-list-item"><a href="https://cdo.wikipedia.org/wiki/Ch%C3%AA-di%C3%B2ng_(si%C5%8Fng-ngi%C4%95k)" title="Chê-diòng (siŏng-ngiĕk) – Mindong" lang="cdo" hreflang="cdo" data-title="Chê-diòng (siŏng-ngiĕk)" data-language-autonym="閩東語 / Mìng-dĕ̤ng-ngṳ̄" data-language-local-name="Mindong" class="interlanguage-link-target"><span>閩東語 / Mìng-dĕ̤ng-ngṳ̄</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Markt_(economie)" title="Markt (economie) – Dutch" lang="nl" hreflang="nl" data-title="Markt (economie)" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-new mw-list-item"><a href="https://new.wikipedia.org/wiki/%E0%A4%AC%E0%A4%9C%E0%A4%BE%E0%A4%B0" title="बजार – Newari" lang="new" hreflang="new" data-title="बजार" data-language-autonym="नेपाल भाषा" data-language-local-name="Newari" class="interlanguage-link-target"><span>नेपाल भाषा</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Marked" title="Marked – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Marked" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Marknad" title="Marknad – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Marknad" data-language-autonym="Norsk nynorsk" data-language-local-name="Norwegian Nynorsk" class="interlanguage-link-target"><span>Norsk nynorsk</span></a></li><li class="interlanguage-link interwiki-nrm mw-list-item"><a href="https://nrm.wikipedia.org/wiki/Marchi" title="Marchi – Norman" lang="nrf" hreflang="nrf" data-title="Marchi" data-language-autonym="Nouormand" data-language-local-name="Norman" class="interlanguage-link-target"><span>Nouormand</span></a></li><li class="interlanguage-link interwiki-oc mw-list-item"><a href="https://oc.wikipedia.org/wiki/Mercat" title="Mercat – Occitan" lang="oc" hreflang="oc" data-title="Mercat" data-language-autonym="Occitan" data-language-local-name="Occitan" class="interlanguage-link-target"><span>Occitan</span></a></li><li class="interlanguage-link interwiki-pa mw-list-item"><a href="https://pa.wikipedia.org/wiki/%E0%A8%AE%E0%A9%B0%E0%A8%A1%E0%A9%80_(%E0%A8%85%E0%A8%B0%E0%A8%A5%E0%A8%B8%E0%A8%BC%E0%A8%BE%E0%A8%B8%E0%A8%A4%E0%A8%B0)" title="ਮੰਡੀ (ਅਰਥਸ਼ਾਸਤਰ) – Punjabi" lang="pa" hreflang="pa" data-title="ਮੰਡੀ (ਅਰਥਸ਼ਾਸਤਰ)" data-language-autonym="ਪੰਜਾਬੀ" data-language-local-name="Punjabi" class="interlanguage-link-target"><span>ਪੰਜਾਬੀ</span></a></li><li class="interlanguage-link interwiki-pnb mw-list-item"><a href="https://pnb.wikipedia.org/wiki/%D9%85%D9%86%DA%88%DB%8C" title="منڈی – Western Punjabi" lang="pnb" hreflang="pnb" data-title="منڈی" data-language-autonym="پنجابی" data-language-local-name="Western Punjabi" class="interlanguage-link-target"><span>پنجابی</span></a></li><li class="interlanguage-link interwiki-jam mw-list-item"><a href="https://jam.wikipedia.org/wiki/Maakit" title="Maakit – Jamaican Creole English" lang="jam" hreflang="jam" data-title="Maakit" data-language-autonym="Patois" data-language-local-name="Jamaican Creole English" class="interlanguage-link-target"><span>Patois</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Rynek_(ekonomia)" title="Rynek (ekonomia) – Polish" lang="pl" hreflang="pl" data-title="Rynek (ekonomia)" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Mercado" title="Mercado – Portuguese" lang="pt" hreflang="pt" data-title="Mercado" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-kaa mw-list-item"><a href="https://kaa.wikipedia.org/wiki/Bazar" title="Bazar – Kara-Kalpak" lang="kaa" hreflang="kaa" data-title="Bazar" data-language-autonym="Qaraqalpaqsha" data-language-local-name="Kara-Kalpak" class="interlanguage-link-target"><span>Qaraqalpaqsha</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Pia%C8%9B%C4%83" title="Piață – Romanian" lang="ro" hreflang="ro" data-title="Piață" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-qu mw-list-item"><a href="https://qu.wikipedia.org/wiki/Qhatu" title="Qhatu – Quechua" lang="qu" hreflang="qu" data-title="Qhatu" data-language-autonym="Runa Simi" data-language-local-name="Quechua" class="interlanguage-link-target"><span>Runa Simi</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A0%D1%8B%D0%BD%D0%BE%D0%BA" title="Рынок – Russian" lang="ru" hreflang="ru" data-title="Рынок" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sah mw-list-item"><a href="https://sah.wikipedia.org/wiki/%D0%AB%D1%80%D1%8B%D1%8B%D0%BD%D0%B0%D0%BA" title="Ырыынак – Yakut" lang="sah" hreflang="sah" data-title="Ырыынак" data-language-autonym="Саха тыла" data-language-local-name="Yakut" class="interlanguage-link-target"><span>Саха тыла</span></a></li><li class="interlanguage-link interwiki-sco mw-list-item"><a href="https://sco.wikipedia.org/wiki/Mercat" title="Mercat – Scots" lang="sco" hreflang="sco" data-title="Mercat" data-language-autonym="Scots" data-language-local-name="Scots" class="interlanguage-link-target"><span>Scots</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Tregu" title="Tregu – Albanian" lang="sq" hreflang="sq" data-title="Tregu" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Market" title="Market – Simple English" lang="en-simple" hreflang="en-simple" data-title="Market" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Trh" title="Trh – Slovak" lang="sk" hreflang="sk" data-title="Trh" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sl mw-list-item"><a href="https://sl.wikipedia.org/wiki/Trg_(ekonomija)" title="Trg (ekonomija) – Slovenian" lang="sl" hreflang="sl" data-title="Trg (ekonomija)" data-language-autonym="Slovenščina" data-language-local-name="Slovenian" class="interlanguage-link-target"><span>Slovenščina</span></a></li><li class="interlanguage-link interwiki-ckb mw-list-item"><a href="https://ckb.wikipedia.org/wiki/%D8%A8%D8%A7%D8%B2%D8%A7%DA%95_(%D8%A6%D8%A7%D8%A8%D9%88%D9%88%D8%B1%DB%8C)" title="بازاڕ (ئابووری) – Central Kurdish" lang="ckb" hreflang="ckb" data-title="بازاڕ (ئابووری)" data-language-autonym="کوردی" data-language-local-name="Central Kurdish" class="interlanguage-link-target"><span>کوردی</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%A2%D1%80%D0%B6%D0%B8%D1%88%D1%82%D0%B5" title="Тржиште – Serbian" lang="sr" hreflang="sr" data-title="Тржиште" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Tr%C5%BEi%C5%A1te" title="Tržište – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Tržište" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-su mw-list-item"><a href="https://su.wikipedia.org/wiki/Pasar" title="Pasar – Sundanese" lang="su" hreflang="su" data-title="Pasar" data-language-autonym="Sunda" data-language-local-name="Sundanese" class="interlanguage-link-target"><span>Sunda</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Markkinat_(taloustiede)" title="Markkinat (taloustiede) – Finnish" lang="fi" hreflang="fi" data-title="Markkinat (taloustiede)" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Marknad_(ekonomi)" title="Marknad (ekonomi) – Swedish" lang="sv" hreflang="sv" data-title="Marknad (ekonomi)" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Pamilihan" title="Pamilihan – Tagalog" lang="tl" hreflang="tl" data-title="Pamilihan" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target"><span>Tagalog</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%95%E0%B8%A5%E0%B8%B2%E0%B8%94_(%E0%B9%80%E0%B8%A8%E0%B8%A3%E0%B8%A9%E0%B8%90%E0%B8%A8%E0%B8%B2%E0%B8%AA%E0%B8%95%E0%B8%A3%E0%B9%8C)" title="ตลาด (เศรษฐศาสตร์) – Thai" lang="th" hreflang="th" data-title="ตลาด (เศรษฐศาสตร์)" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tg mw-list-item"><a href="https://tg.wikipedia.org/wiki/%D0%91%D0%BE%D0%B7%D0%BE%D1%80_(%D0%B8%D2%9B%D1%82%D0%B8%D1%81%D0%BE%D0%B4)" title="Бозор (иқтисод) – Tajik" lang="tg" hreflang="tg" data-title="Бозор (иқтисод)" data-language-autonym="Тоҷикӣ" data-language-local-name="Tajik" class="interlanguage-link-target"><span>Тоҷикӣ</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Pazar_(ekonomi)" title="Pazar (ekonomi) – Turkish" lang="tr" hreflang="tr" data-title="Pazar (ekonomi)" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%A0%D0%B8%D0%BD%D0%BE%D0%BA" title="Ринок – Ukrainian" lang="uk" hreflang="uk" data-title="Ринок" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%D9%85%D9%86%DA%88%DB%8C" title="منڈی – Urdu" lang="ur" hreflang="ur" data-title="منڈی" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target"><span>اردو</span></a></li><li class="interlanguage-link interwiki-vec mw-list-item"><a href="https://vec.wikipedia.org/wiki/Marc%C3%A0" title="Marcà – Venetian" lang="vec" hreflang="vec" data-title="Marcà" data-language-autonym="Vèneto" data-language-local-name="Venetian" class="interlanguage-link-target"><span>Vèneto</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Th%E1%BB%8B_tr%C6%B0%E1%BB%9Dng" title="Thị trường – Vietnamese" lang="vi" hreflang="vi" data-title="Thị trường" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-vo mw-list-item"><a href="https://vo.wikipedia.org/wiki/Maket_(kon%C3%B6mav)" title="Maket (konömav) – Volapük" lang="vo" hreflang="vo" data-title="Maket (konömav)" data-language-autonym="Volapük" data-language-local-name="Volapük" class="interlanguage-link-target"><span>Volapük</span></a></li><li class="interlanguage-link interwiki-zh-classical mw-list-item"><a href="https://zh-classical.wikipedia.org/wiki/%E5%B8%82%E5%A0%B4" title="市場 – Literary Chinese" lang="lzh" hreflang="lzh" data-title="市場" data-language-autonym="文言" data-language-local-name="Literary Chinese" class="interlanguage-link-target"><span>文言</span></a></li><li class="interlanguage-link interwiki-war mw-list-item"><a href="https://war.wikipedia.org/wiki/Merkado" title="Merkado – Waray" lang="war" hreflang="war" data-title="Merkado" data-language-autonym="Winaray" data-language-local-name="Waray" class="interlanguage-link-target"><span>Winaray</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E5%B8%82%E5%9C%BA" title="市场 – Wu" lang="wuu" hreflang="wuu" data-title="市场" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target"><span>吴语</span></a></li><li class="interlanguage-link interwiki-yi mw-list-item"><a href="https://yi.wikipedia.org/wiki/%D7%9E%D7%90%D7%A8%D7%A7" title="מארק – Yiddish" lang="yi" hreflang="yi" data-title="מארק" data-language-autonym="ייִדיש" data-language-local-name="Yiddish" class="interlanguage-link-target"><span>ייִדיש</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E5%B8%82%E5%A0%B4" title="市場 – Cantonese" lang="yue" hreflang="yue" data-title="市場" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E5%B8%82%E5%9C%BA" title="市场 – Chinese" lang="zh" hreflang="zh" data-title="市场" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q37654#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div 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class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">System in which parties engage in transactions according to supply and demand</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">"Market forces" redirects here. For other uses, see <a href="/wiki/Market_forces_(disambiguation)" class="mw-disambig" title="Market forces (disambiguation)">Market forces (disambiguation)</a> and <a href="/wiki/Market_(disambiguation)" class="mw-redirect mw-disambig" title="Market (disambiguation)">Market</a>.</div> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul 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a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><style data-mw-deduplicate="TemplateStyles:r1066933788">.mw-parser-output .excerpt-hat .mw-editsection-like{font-style:normal}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Economics" title="Category:Economics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="border-top:1px #fafafa solid; border-bottom:1px #fafafa solid; background:#efefef;padding:0.2em;font-size:200%;"><a href="/wiki/Economics" title="Economics">Economics</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Supply-demand-equilibrium.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/120px-Supply-demand-equilibrium.svg.png" decoding="async" width="120" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/180px-Supply-demand-equilibrium.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/240px-Supply-demand-equilibrium.svg.png 2x" data-file-width="217" data-file-height="217" /></a></span></td></tr><tr><td class="sidebar-above"> <ul><li><a href="/wiki/History_of_economic_thought" title="History of economic thought">History</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li></ul></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Branches and <a href="/wiki/JEL_classification_codes" title="JEL classification codes">classifications</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/International_economics" title="International economics">International</a></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Micro</a> / <a href="/wiki/Macroeconomics" title="Macroeconomics">Macro</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Economic_methodology" title="Economic methodology">Methodology</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political</a></li> <li><a href="/wiki/JEL_classification_codes" title="JEL classification codes">JEL classification codes</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Concepts, theory and techniques</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Economic_system" title="Economic system">Economic systems</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Economic growth</a></li> <li><a class="mw-selflink selflink">Market</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounting</a></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental economics</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational economics</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Middle_income_trap" title="Middle income trap">Middle income trap</a></li> <li><a href="/wiki/Industrial_complex" title="Industrial complex">Industrial complex</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">By application</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agricultural</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Democracy_and_economic_growth" title="Democracy and economic growth">Democracy</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Economics_of_digitization" title="Economics of digitization">Digitization</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Notable <a href="/wiki/Economist" title="Economist">economists</a></div><div class="sidebar-list-content mw-collapsible-content"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul></div></div> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" 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nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Macroeconomics" title="Category:Macroeconomics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></th></tr><tr><td class="sidebar-image" style="padding-top:0.6em;"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Ec_8_(26088200676)_(cropped).jpg" class="mw-file-description"><img alt="Federal Reserve" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/220px-Ec_8_%2826088200676%29_%28cropped%29.jpg" decoding="async" width="220" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/330px-Ec_8_%2826088200676%29_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/440px-Ec_8_%2826088200676%29_%28cropped%29.jpg 2x" data-file-width="2400" data-file-height="1633" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Basic concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li> <li><a href="/wiki/Aggregate_supply" title="Aggregate supply">Aggregate supply</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Compound_annual_growth_rate" title="Compound annual growth rate">CAGR</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a></li> <li><a href="/wiki/Demand_shock" title="Demand shock">Demand shock</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li>Expectations <ul><li><a href="/wiki/Adaptive_expectations" title="Adaptive expectations">Adaptive</a></li> <li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational</a></li></ul></li> <li><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crisis</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Growth</a></li> <li><a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Demand-pull_inflation" title="Demand-pull inflation">Demand-pull</a></li> <li><a href="/wiki/Cost-push_inflation" title="Cost-push inflation">Cost-push</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">Investment</a></li> <li><a href="/wiki/Liquidity_trap" title="Liquidity trap">Liquidity trap</a></li> <li><a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">Measures of national income and output</a> <ul><li><a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a></li> <li><a href="/wiki/Gross_national_income" title="Gross national income">GNI</a></li> <li><a href="/wiki/Net_national_income" title="Net national income">NNI</a></li></ul></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations</a></li> <li><a href="/wiki/Money" title="Money">Money</a> <ul><li><a href="/wiki/Endogenous_money" title="Endogenous money">Endogenous</a></li></ul></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Demand_for_money" title="Demand for money">Demand for money</a> <ul><li><a href="/wiki/Liquidity_preference" title="Liquidity preference">Liquidity preference</a></li></ul></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounts</a> <ul><li><a href="/wiki/System_of_National_Accounts" title="System of National Accounts">SNA</a></li></ul></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Nominal rigidity</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Shrinkflation" title="Shrinkflation">Shrinkflation</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply shock</a></li> <li><a href="/wiki/National_saving" title="National saving">Saving</a></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Policies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Commercial_policy" title="Commercial policy">Commercial</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Models</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS</a></li> <li><a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a></li> <li><a href="/wiki/Multiplier_(economics)" title="Multiplier (economics)">Multiplier</a></li> <li><a href="/wiki/Accelerator_effect" title="Accelerator effect">Accelerator</a></li> <li><a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a></li> <li><a href="/wiki/Arrow%E2%80%93Debreu_model" title="Arrow–Debreu model">Arrow–Debreu</a></li> <li><a href="/wiki/Harrod%E2%80%93Domar_model" title="Harrod–Domar model">Harrod–Domar</a>Нмиф</li> <li><a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan</a></li> <li><a href="/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans</a></li> <li><a href="/wiki/Overlapping_generations_model" title="Overlapping generations model">Overlapping generations</a></li> <li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General equilibrium</a> <ul><li><a href="/wiki/Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">DSGE</a></li></ul></li> <li><a href="/wiki/Endogenous_growth_theory" title="Endogenous growth theory">Endogenous growth</a></li> <li><a href="/wiki/Matching_theory_(economics)" class="mw-redirect" title="Matching theory (economics)">Matching theory</a></li> <li><a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming</a></li> <li><a href="/wiki/Overshooting_model" title="Overshooting model">Overshooting</a></li> <li><a href="/wiki/NAIRU" title="NAIRU">NAIRU</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Related fields</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/International_economics" title="International economics">International economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">Schools</a></div><div class="sidebar-list-content mw-collapsible-content hlist"><i>Mainstream</i> <ul><li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater and freshwater</a></li></ul> <p><i>Heterodox</i> </p> <ul><li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/Category:Macroeconomists" title="Category:Macroeconomists">People</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Thomas Robert Malthus</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a></li> <li><a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li> <li><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a></li> <li><a href="/wiki/Richard_Stone" title="Richard Stone">Richard Stone</a></li> <li><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li> <li><a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas Jr.</a></li> <li><a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a></li> <li><a href="/wiki/Peter_Diamond" title="Peter Diamond">Peter Diamond</a></li> <li><a href="/wiki/William_Nordhaus" title="William Nordhaus">William Nordhaus</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">N. Gregory Mankiw</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">See also</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li> <li><a href="/wiki/List_of_important_publications_in_economics#Macroeconomics" title="List of important publications in economics">Publications in macroeconomics</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Macroeconomics_sidebar" title="Template:Macroeconomics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Macroeconomics_sidebar" title="Template talk:Macroeconomics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Macroeconomics_sidebar" title="Special:EditPage/Template:Macroeconomics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>In <a href="/wiki/Economics" title="Economics">economics</a>, a <b>market</b> is a composition of <a href="/wiki/System" title="System">systems</a>, <a href="/wiki/Institution" title="Institution">institutions</a>, procedures, <a href="/wiki/Social_relation" title="Social relation">social relations</a> or <a href="/wiki/Infrastructure" title="Infrastructure">infrastructures</a> whereby parties engage in <a href="/wiki/Exchange_(economics)" class="mw-redirect" title="Exchange (economics)">exchange</a>. While parties may exchange goods and services by <a href="/wiki/Barter" title="Barter">barter</a>, most markets rely on sellers offering their goods or services (including <a href="/wiki/Labour_power" title="Labour power">labour power</a>) to buyers in exchange for <a href="/wiki/Money" title="Money">money</a>. It can be said that a market is the process by which the value of goods and services are established. Markets facilitate <a href="/wiki/Trade" title="Trade">trade</a> and enable the distribution and <a href="/wiki/Allocation_of_resources" class="mw-redirect" title="Allocation of resources">allocation of resources</a> in a society. Markets allow any tradeable item to be evaluated and <a href="/wiki/Price" title="Price">priced</a>. A market <a href="/wiki/Emergence" title="Emergence">emerges</a> more or less <a href="/wiki/Spontaneous_order" title="Spontaneous order">spontaneously</a> or may be constructed deliberately by human interaction in order to enable the exchange of rights (cf. <a href="/wiki/Ownership" title="Ownership">ownership</a>) of services and goods. Markets generally supplant <a href="/wiki/Gift_economy" title="Gift economy">gift economies</a> and are often held in place through rules and customs, such as a booth fee, competitive pricing, and source of goods for sale (local produce or stock registration). </p><p>Markets can differ by products (goods, services) or factors (labour and capital) sold, <a href="/wiki/Product_differentiation" title="Product differentiation">product differentiation</a>, place in which exchanges are carried, buyers targeted, duration, selling process, government regulation, taxes, subsidies, <a href="/wiki/Minimum_wage" title="Minimum wage">minimum wages</a>, <a href="/wiki/Price_ceiling" title="Price ceiling">price ceilings</a>, legality of exchange, liquidity, intensity of speculation, size, concentration, exchange asymmetry, <a href="/wiki/Relative_price" title="Relative price">relative prices</a>, volatility and geographic extension. The geographic boundaries of a market may vary considerably, for example the food market in a single building, the real estate market in a local city, the consumer market in an entire country, or the economy of an international <a href="/wiki/Trade_bloc" title="Trade bloc">trade bloc</a> where the same rules apply throughout. Markets can also be worldwide, see for example the global <a href="/wiki/Diamond_trade" class="mw-redirect" title="Diamond trade">diamond trade</a>. National economies can also be classified as <a href="/wiki/Developed_market" title="Developed market">developed markets</a> or <a href="/wiki/Developing_market" class="mw-redirect" title="Developing market">developing markets</a>. </p><p>In <a href="/wiki/Mainstream_economics" title="Mainstream economics">mainstream economics</a>, the concept of a market is any structure that allows buyers and sellers to exchange any type of goods, services and <a href="/wiki/Information_economy" title="Information economy">information</a>. The exchange of goods or services, with or without <a href="/wiki/Money" title="Money">money</a>, is a <a href="/wiki/Financial_transaction" title="Financial transaction">transaction</a>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Market participants or <a href="/wiki/Agent_(economics)" title="Agent (economics)">economic agents</a> consist of all the buyers and sellers of a <a href="/wiki/Goods" title="Goods">good</a> who influence its <a href="/wiki/Price" title="Price">price</a>, which is a major topic of study of <a href="/wiki/Economic" class="mw-redirect" title="Economic">economics</a> and has given rise to several theories and <a href="/wiki/Economic_models" class="mw-redirect" title="Economic models">models</a> concerning the basic market forces of <a href="/wiki/Supply_and_demand" title="Supply and demand">supply and demand</a>. A major topic of debate is how much a given market can be considered to be a "<a href="/wiki/Free_market" title="Free market">free market</a>", that is free from <a href="/wiki/Economic_interventionism" class="mw-redirect" title="Economic interventionism">government intervention</a>. Microeconomics traditionally focuses on the study of market structure and the efficiency of <a href="/wiki/Market_equilibrium" class="mw-redirect" title="Market equilibrium">market equilibrium</a>; when the latter (if it exists) is not efficient, then economists say that a <a href="/wiki/Market_failure" title="Market failure">market failure</a> has occurred. However, it is not always clear how the allocation of resources can be improved since there is always the possibility of <a href="/wiki/Government_failure" title="Government failure">government failure</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Definition">Definition</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=1" title="Edit section: Definition"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In economics, a market is a coordinating mechanism that uses prices to convey information among economic entities (such as <a href="/wiki/Company" title="Company">firms</a>, households and individuals) to regulate production and distribution. In his seminal 1937 article "<a href="/wiki/The_Nature_of_the_Firm" title="The Nature of the Firm">The Nature of the Firm</a>", <a href="/wiki/Ronald_Coase" title="Ronald Coase">Ronald Coase</a> wrote: "An economist thinks of the economic system as being coordinated by the price mechanism....in economic theory, we find that the allocation of factors of production between different uses is determined by the price mechanism".<sup id="cite_ref-natureofthefirm_2-0" class="reference"><a href="#cite_note-natureofthefirm-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Thus the usage of the price mechanism to convey information is the defining feature of the market. This is in contrast to a firm, which as Coase put it, "the distinguishing mark of the firm is the super-session of the price mechanism".<sup id="cite_ref-natureofthefirm_2-1" class="reference"><a href="#cite_note-natureofthefirm-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>Thus, Firms and Markets are two opposite forms of organizing production; Coase wrote: </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>Outside the firm, price movements direct production, which is co-ordinated through a series of exchange transactions on the market. Within a firm, these market transactions are eliminated and in place of the complicated market structure with exchange transactions is substituted the entrepreneur-co-ordinator, who directs production.<sup id="cite_ref-natureofthefirm_2-2" class="reference"><a href="#cite_note-natureofthefirm-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>There are also other hybrid forms of coordinating mechanisms, in between the hierarchical firm and price-coordinating market(e.g. <a href="/wiki/Global_value_chain" title="Global value chain">global value chains</a>, <a href="/wiki/Business_Venture" class="mw-redirect" title="Business Venture">Business Ventures</a>, <a href="/wiki/Joint_Venture" class="mw-redirect" title="Joint Venture">Joint Venture</a>, and <a href="/wiki/Strategic_alliance" title="Strategic alliance">strategic alliances</a>). </p><p>The reasons for the existence of firms or other forms of co-ordinating mechanisms of production and distribution alongside the market are studied in "The Theory of the Firm" literature, with various <a href="/wiki/Complete_contract" title="Complete contract">complete</a> and <a href="/wiki/Incomplete_contracts" title="Incomplete contracts">incomplete contract</a> theories trying to explain the existence of the firm. Incomplete contract theories that are explicitly based on <a href="/wiki/Bounded_rationality" title="Bounded rationality">bounded rationality</a> lead to the costs of writing complete contracts. Such theories include: Transaction Cost Economies <sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> by <a href="/wiki/Oliver_E._Williamson" title="Oliver E. Williamson">Oliver Williamson</a> and Residual Rights Theory<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> by Groomsman, Hart, and Moore. </p><p>The market/firm distinction can be contrasted with the relationship between the agents transacting. While in a market, the relationship is short term and restricted to the contract. In the case of firms and other co-ordinating mechanisms, it is for a longer duration.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>In the modern world, much economic activity takes place through fiat and not the market. Lafontaine and Slade (2007) estimates, in the US, that the total value added in transactions inside the firms equal the total value added of all market transactions.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Similarly, 80% of all World Trade is conducted under Global Value Chains (2012 estimate), while 33% (1996 estimate) is intra-firm trade.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> Nearly 50% of US imports and 30% of exports take place within firms.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> While Rajan and Zingales (1998) have found that in 43 countries two-thirds of the growth in value added between 1980 and 1990 came from increase in firm size.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Types">Types</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=2" title="Edit section: Types"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A market is one of the many varieties of <a href="/wiki/System" title="System">systems</a>, <a href="/wiki/Institution" title="Institution">institutions</a>, procedures, <a href="/wiki/Social_relation" title="Social relation">social relations</a> and <a href="/wiki/Infrastructure" title="Infrastructure">infrastructures</a> whereby parties engage in exchange. While parties may exchange goods and services by <a href="/wiki/Barter" title="Barter">barter</a>, most markets rely on sellers offering their goods or services (including labour) in exchange for <a href="/wiki/Money" title="Money">money</a> from buyers. It can be said that a market is the process by which the prices of goods and services are established. Markets facilitate <a href="/wiki/Trade" title="Trade">trade</a> and enable the distribution and <a href="/wiki/Allocation_of_resources" class="mw-redirect" title="Allocation of resources">allocation of resources</a> in a society. Markets allow any trade-able item to be evaluated and <a href="/wiki/Price" title="Price">priced</a>. A market sometimes <a href="/wiki/Emergence" title="Emergence">emerges</a> more or less <a href="/wiki/Spontaneous_order" title="Spontaneous order">spontaneously</a> or may be constructed deliberately by human interaction in order to enable the exchange of rights (cf. <a href="/wiki/Ownership" title="Ownership">ownership</a>) of services and goods. </p> <figure typeof="mw:File/Thumb"><a href="/wiki/File:MercadodeGomez.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/33/MercadodeGomez.jpg/250px-MercadodeGomez.jpg" decoding="async" width="250" height="188" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/33/MercadodeGomez.jpg/375px-MercadodeGomez.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/33/MercadodeGomez.jpg/500px-MercadodeGomez.jpg 2x" data-file-width="640" data-file-height="480" /></a><figcaption><a href="/wiki/G%C3%B3mez_Palacio,_Durango" title="Gómez Palacio, Durango">Gómez Palacio</a> city's municipal market</figcaption></figure> <p>Markets of varying types can spontaneously arise whenever a party has interest in a good or service that some other party can provide. Hence there can be a market for cigarettes in correctional facilities, another for chewing gum in a playground, and yet another for contracts for the future delivery of a commodity. There can be <a href="/wiki/Black_market" title="Black market">black markets</a>, where a good is exchanged illegally, for example markets for goods under a command economy despite pressure to repress them and <a href="/wiki/E-commerce" title="E-commerce">virtual markets</a>, such as <a href="/wiki/EBay" title="EBay">eBay</a>, in which buyers and sellers do not physically interact during negotiation. A market can be organized as an <a href="/wiki/Auction" title="Auction">auction</a>, as a <a href="/wiki/Private_electronic_market" title="Private electronic market">private electronic market</a>, as a commodity <a href="/wiki/Wholesale_market" class="mw-redirect" title="Wholesale market">wholesale market</a>, as a <a href="/wiki/Shopping_center" title="Shopping center">shopping center</a>, as complex institutions such as international markets and as an informal discussion between two individuals. </p><p>Markets vary in form, scale (volume and geographic reach), location and types of participants as well as the types of goods and services traded. The following is a non exhaustive list: </p> <div class="mw-heading mw-heading3"><h3 id="Physical_consumer_markets">Physical consumer markets</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=3" title="Edit section: Physical consumer markets"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Marketplace" title="Marketplace">Marketplace</a></div> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Main_Entrance_-_Stuart_Saunders_Hogg_Market_-_Kolkata_2013-12-24_1394.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Main_Entrance_-_Stuart_Saunders_Hogg_Market_-_Kolkata_2013-12-24_1394.JPG/250px-Main_Entrance_-_Stuart_Saunders_Hogg_Market_-_Kolkata_2013-12-24_1394.JPG" decoding="async" width="250" height="166" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Main_Entrance_-_Stuart_Saunders_Hogg_Market_-_Kolkata_2013-12-24_1394.JPG/375px-Main_Entrance_-_Stuart_Saunders_Hogg_Market_-_Kolkata_2013-12-24_1394.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Main_Entrance_-_Stuart_Saunders_Hogg_Market_-_Kolkata_2013-12-24_1394.JPG/500px-Main_Entrance_-_Stuart_Saunders_Hogg_Market_-_Kolkata_2013-12-24_1394.JPG 2x" data-file-width="4116" data-file-height="2734" /></a><figcaption>Front view of Stuart Saunders Hogg Market, <a href="/wiki/Kolkata" title="Kolkata">Kolkata</a></figcaption></figure> <ul><li>Food retail markets: <a href="/wiki/Farmers%27_market" title="Farmers' market">farmers' markets</a>, <a href="/wiki/Fish_market" title="Fish market">fish markets</a>, <a href="/wiki/Wet_market" title="Wet market">wet markets</a> and <a href="/wiki/Grocery_store" title="Grocery store">grocery stores</a></li> <li>Retail marketplaces: <a href="/wiki/Market_(place)" class="mw-redirect" title="Market (place)">public markets</a>, <a href="/wiki/Market_square" title="Market square">market squares</a>, <a href="/wiki/Main_Street" title="Main Street">Main Streets</a>, <a href="/wiki/High_Street" title="High Street">High Streets</a>, <a href="/wiki/Bazaar" title="Bazaar">bazaars</a>, <a href="/wiki/Souq" class="mw-redirect" title="Souq">souqs</a>, <a href="/wiki/Night_market" title="Night market">night markets</a>, shopping <a href="/wiki/Strip_mall" title="Strip mall">strip malls</a> and <a href="/wiki/Shopping_mall" title="Shopping mall">shopping malls</a></li> <li><a href="/wiki/Big-box_store" title="Big-box store">Big-box stores</a>: <a href="/wiki/Supermarket" title="Supermarket">supermarkets</a>, <a href="/wiki/Hypermarket" title="Hypermarket">hypermarkets</a> and <a href="/wiki/Discount_store" title="Discount store">discount stores</a></li> <li><i>Ad hoc</i> <a href="/wiki/Auction" title="Auction">auction</a> markets: process of buying and selling goods or services by offering them up for bid, taking bids and then selling the item to the highest bidder</li> <li>Used goods markets such as <a href="/wiki/Flea_market" title="Flea market">flea markets</a></li> <li>Temporary markets such as <a href="/wiki/Fair" title="Fair">fairs</a></li> <li><a href="/wiki/Real_estate_market" class="mw-redirect" title="Real estate market">Real estate markets</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Physical_business_markets">Physical business markets</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=4" title="Edit section: Physical business markets"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Microcosm_of_London_Plate_033_-_Corn_Exchange.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/10/Microcosm_of_London_Plate_033_-_Corn_Exchange.jpg/250px-Microcosm_of_London_Plate_033_-_Corn_Exchange.jpg" decoding="async" width="250" height="191" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/10/Microcosm_of_London_Plate_033_-_Corn_Exchange.jpg/375px-Microcosm_of_London_Plate_033_-_Corn_Exchange.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/10/Microcosm_of_London_Plate_033_-_Corn_Exchange.jpg/500px-Microcosm_of_London_Plate_033_-_Corn_Exchange.jpg 2x" data-file-width="1760" data-file-height="1346" /></a><figcaption><a href="/wiki/Corn_Exchange" class="mw-redirect" title="Corn Exchange">Corn Exchange</a> in London, circa 1809</figcaption></figure> <ul><li>Physical <a href="/wiki/Wholesale_market" class="mw-redirect" title="Wholesale market">wholesale markets</a>: sale of goods or merchandise to retailers; to industrial, commercial, institutional, or other professional business users or to other wholesalers and related subordinated services</li> <li>Markets for <a href="/wiki/Intermediate_good" title="Intermediate good">intermediate goods</a> used in production of other goods and services</li> <li><a href="/wiki/Labour_market" class="mw-redirect" title="Labour market">Labour markets</a>: where people sell their labour to businesses in exchange for a <a href="/wiki/Wage" title="Wage">wage</a></li> <li><a href="/wiki/Online_auction_business_model" class="mw-redirect" title="Online auction business model">Online auctions</a> and <i>Ad hoc</i> <a href="/wiki/Auction" title="Auction">auction</a> markets: process of buying and selling goods or services by offering them up for bid, taking bids and then selling the item to the highest bidder</li> <li>Temporary markets such as <a href="/wiki/Trade_fair" class="mw-redirect" title="Trade fair">trade fairs</a></li> <li><a href="/wiki/Energy_market" title="Energy market">Energy markets</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Non-physical_markets">Non-physical markets</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=5" title="Edit section: Non-physical markets"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Media_market" title="Media market">Media markets</a> (broadcast market): is a region where the population can receive the same (or similar) television and radio station offerings and may also include other types of media including newspapers and Internet content</li> <li>Internet markets (<a href="/wiki/Electronic_commerce" class="mw-redirect" title="Electronic commerce">electronic commerce</a>): trading in products or services using computer networks, such as the Internet</li> <li>Artificial markets created by regulation to exchange rights for derivatives that have been designed to ameliorate <a href="/wiki/Externalities" class="mw-redirect" title="Externalities">externalities</a>, such as pollution permits (see <a href="/wiki/Carbon_trading" class="mw-redirect" title="Carbon trading">carbon trading</a>)</li></ul> <div class="mw-heading mw-heading3"><h3 id="Financial_markets">Financial markets</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=6" title="Edit section: Financial markets"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ea/NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg/250px-NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg" decoding="async" width="250" height="166" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ea/NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg/375px-NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ea/NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg/500px-NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg 2x" data-file-width="4537" data-file-height="3004" /></a><figcaption><a href="/wiki/New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a> (<a href="/wiki/United_States" title="United States">United States</a>), 1963</figcaption></figure> <p><a href="/wiki/Financial_market" title="Financial market">Financial markets</a> facilitate the exchange of <a href="/wiki/Liquid_asset" class="mw-redirect" title="Liquid asset">liquid assets</a>. Most investors prefer investing in two markets: </p> <ul><li>The <a href="/wiki/Stock_market" title="Stock market">stock markets</a>, for the exchange of shares in <a href="/wiki/Corporation" title="Corporation">corporations</a> (<a href="/wiki/NYSE" class="mw-redirect" title="NYSE">NYSE</a>, <a href="/wiki/American_Stock_Exchange" class="mw-redirect" title="American Stock Exchange">AMEX</a> and the <a href="/wiki/NASDAQ" class="mw-redirect" title="NASDAQ">NASDAQ</a> are the most common stock markets in the United States)</li> <li>The <a href="/wiki/Bond_market" title="Bond market">bond markets</a></li></ul> <p>There are also: </p> <ul><li><a href="/wiki/Currency_market" class="mw-redirect" title="Currency market">Currency markets</a> are used to trade one currency for another, and are often used for speculation on currency exchange rates</li> <li>The <a href="/wiki/Money_market" title="Money market">money market</a> is the name for the global market for lending and borrowing</li> <li><a href="/wiki/Futures_market" class="mw-redirect" title="Futures market">Futures markets</a>, where contracts are exchanged regarding the future delivery of goods</li> <li><a href="/wiki/Insurance" title="Insurance">Insurance</a> markets</li> <li><a href="/wiki/Debt_market" class="mw-redirect" title="Debt market">Debt markets</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Unauthorized_and_illegal_markets">Unauthorized and illegal markets</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=7" title="Edit section: Unauthorized and illegal markets"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Grey_market" title="Grey market">Grey markets</a> (parallel markets): is the trade of a commodity through distribution channels which, while legal, are unofficial, unauthorized, or unintended by the original manufacturer<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup></li> <li><a href="/wiki/Black_market" title="Black market">markets in illegal goods</a> such as the market for <a href="/wiki/Illegal_drug_trade" title="Illegal drug trade">illicit drugs</a>, <a href="/wiki/Arms_trafficking" title="Arms trafficking">illegal arms</a>, <a href="/wiki/Copyright_infringement" title="Copyright infringement">infringing products</a>, cigarettes sold to minors or <a href="/wiki/Death_of_Eric_Garner" class="mw-redirect" title="Death of Eric Garner">untaxed cigarettes</a> (in some jurisdictions), or the private sale of un<a href="/wiki/Pasteurized" class="mw-redirect" title="Pasteurized">pasteurized</a> <a href="/wiki/Goat_milk" title="Goat milk">goat milk</a><sup id="cite_ref-ewot2014_11-0" class="reference"><a href="#cite_note-ewot2014-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="Mechanisms">Mechanisms</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=8" title="Edit section: Mechanisms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In economics, a market that runs under <a href="/wiki/Laissez-faire" title="Laissez-faire">laissez-faire</a> policies is called a <a href="/wiki/Free_market" title="Free market">free market</a>: it is "free" from the government, in the sense that the government makes no attempt to intervene through <a href="/wiki/Tax" title="Tax">taxes</a>, <a href="/wiki/Subsidy" title="Subsidy">subsidies</a>, <a href="/wiki/Minimum_wage" title="Minimum wage">minimum wages</a>, <a href="/wiki/Price_ceiling" title="Price ceiling">price ceilings</a> and so on. However, market prices may be distorted by a seller or sellers with <a href="/wiki/Monopoly" title="Monopoly">monopoly</a> power, or a buyer with <a href="/wiki/Monopsony" title="Monopsony">monopsony</a> power. Such price distortions can have an adverse effect on market participant's welfare and reduce the <a href="/wiki/Pareto_efficiency" title="Pareto efficiency">efficiency</a> of market outcomes. The relative level of organization and <a href="/wiki/Bargaining_power" title="Bargaining power">negotiating power</a> of buyers and sellers also markedly affects the functioning of the market. </p> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Vaclav_Maly_-_Cabbage_Market_060.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/eb/Vaclav_Maly_-_Cabbage_Market_060.jpg/250px-Vaclav_Maly_-_Cabbage_Market_060.jpg" decoding="async" width="250" height="183" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/eb/Vaclav_Maly_-_Cabbage_Market_060.jpg/375px-Vaclav_Maly_-_Cabbage_Market_060.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/eb/Vaclav_Maly_-_Cabbage_Market_060.jpg/500px-Vaclav_Maly_-_Cabbage_Market_060.jpg 2x" data-file-width="600" data-file-height="438" /></a><figcaption>Cabbage market by Václav Malý</figcaption></figure> <p>Markets are a <a href="/wiki/System" title="System">system</a> and systems have <a href="/wiki/Structure" title="Structure">structure</a>. The <a href="/wiki/Market_structure" title="Market structure">structure</a> of a well-functioning market is defined by the theory of <a href="/wiki/Perfect_competition" title="Perfect competition">perfect competition</a>. Well-functioning markets of the real world are never perfect, but basic structural characteristics can be approximated for real world markets, for example: </p> <ul><li>Many small buyers and sellers</li> <li>Buyers and sellers have equal access to information</li> <li>Products are comparable</li></ul> <p>Markets where price negotiations meet equilibrium, but the equilibrium is not <a href="/wiki/Pareto_efficiency" title="Pareto efficiency">efficient</a> are said to experience <a href="/wiki/Market_failure" title="Market failure">market failure</a>. Market failures are often associated with <a href="/wiki/Time-inconsistent_preferences" class="mw-redirect" title="Time-inconsistent preferences">time-inconsistent preferences</a>, <a href="/wiki/Information_asymmetry" title="Information asymmetry">information asymmetries</a>, <a href="/wiki/Market_structure" title="Market structure">non-perfectly competitive markets</a>, <a href="/wiki/Principal%E2%80%93agent_problem" title="Principal–agent problem">principal–agent problems</a>, <a href="/wiki/Externalities" class="mw-redirect" title="Externalities">externalities</a>, or <a href="/wiki/Public_goods" class="mw-redirect" title="Public goods">public goods</a>. Among the major negative externalities which can occur as a side effect of production and market exchange, are <a href="/wiki/Air_pollution" title="Air pollution">air pollution</a> (side-effect of <a href="/wiki/Manufacturing" title="Manufacturing">manufacturing</a> and <a href="/wiki/Logistics" title="Logistics">logistics</a>) and <a href="/wiki/Environmental_degradation" title="Environmental degradation">environmental degradation</a> (side-effect of <a href="/wiki/Farm" title="Farm">farming</a> and <a href="/wiki/Urbanization" title="Urbanization">urbanization</a>). </p><p>There exists a popular thought, especially among <a href="/wiki/Economist" title="Economist">economists</a>, that free markets would have a structure of a <a href="/wiki/Perfect_competition" title="Perfect competition">perfect competition</a>.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (March 2015)">citation needed</span></a></i>]</sup> The logic behind this thought is that market failure is thought to be caused by other <a href="/wiki/Exogeny" title="Exogeny">exogenic</a> systems, and after removing those exogenic systems ("freeing" the markets) the free markets could run without market failures.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (March 2015)">citation needed</span></a></i>]</sup> </p><p>For a market to be competitive, there must be more than a single buyer or seller. It has been suggested that two people may trade, but it takes at least three persons to have a market so that there is competition in at least one of its two sides.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> However, competitive markets—as understood in formal economic theory—rely on much larger numbers of both buyers and sellers. A market with a single seller and multiple buyers is a <a href="/wiki/Monopoly" title="Monopoly">monopoly</a>. A market with a single buyer and multiple sellers is a <a href="/wiki/Monopsony" title="Monopsony">monopsony</a>. These are "the polar opposites of perfect competition".<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>As an argument against such logic, there is a second view that suggests that the source of market failures is inside the market system itself, therefore the removal of other interfering systems would not result in markets with a structure of perfect competition. As an analogy, such an argument may suggest that capitalists do not want to enhance the structure of markets, just like a <a href="/wiki/Coach_(sport)" title="Coach (sport)">coach</a> of a football team would influence the <a href="/wiki/Referee" title="Referee">referees</a> or would break the <a href="/wiki/Regulation_of_sport" title="Regulation of sport">rules</a> if he could while he is pursuing his target of winning the game. Thus, according to this view, capitalists are not enhancing the balance of their team versus the team of <a href="/wiki/Consumer" title="Consumer">consumer</a>-<a href="/wiki/Workforce" title="Workforce">workers</a>, so the market system needs a "referee" from outside that balances the game. In this second framework, the role of a "referee" of the market system is usually to be given to a <a href="/wiki/Democracy" title="Democracy">democratic</a> government. </p> <div class="mw-heading mw-heading2"><h2 id="Research">Research</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=9" title="Edit section: Research"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Wet_market_in_Singapore_2.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Wet_market_in_Singapore_2.jpg/250px-Wet_market_in_Singapore_2.jpg" decoding="async" width="250" height="141" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Wet_market_in_Singapore_2.jpg/375px-Wet_market_in_Singapore_2.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Wet_market_in_Singapore_2.jpg/500px-Wet_market_in_Singapore_2.jpg 2x" data-file-width="3920" data-file-height="2204" /></a><figcaption><a href="/wiki/Wet_market" title="Wet market">Wet market</a> in <a href="/wiki/Singapore" title="Singapore">Singapore</a></figcaption></figure> <p>Disciplines such as <a href="/wiki/Sociology" title="Sociology">sociology</a>, <a href="/wiki/Economic_history" title="Economic history">economic history</a>, <a href="/wiki/Economic_geography" title="Economic geography">economic geography</a> and <a href="/wiki/Marketing" title="Marketing">marketing</a> developed novel understandings of markets<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> studying actual existing markets made up of persons interacting in diverse ways in contrast to an abstract and all-encompassing concepts of "the market". The term "the market" is generally used in two ways: </p> <ol><li>"The market" denotes the abstract mechanisms whereby supply and demand confront each other and deals are made; in its place, reference to markets reflects ordinary experience and the places, processes and institutions in which exchanges occurs<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup></li> <li>"The market" signifies an integrated, all-encompassing and cohesive capitalist world economy.</li></ol> <div class="mw-heading mw-heading3"><h3 id="Economics">Economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=10" title="Edit section: Economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="Political_economy">Political economy</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=11" title="Edit section: Political economy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Economics used to be called <a href="/wiki/Political_economy" title="Political economy">political economy</a>, as <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a> defined it in <a href="/wiki/The_Wealth_of_Nations" title="The Wealth of Nations">The Wealth of Nations</a>:<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>Political economy, considered as a branch of the science of a statesman or legislator, proposes two distinct objects; first, to provide a plentiful revenue or subsistence for the people, or, more properly, to enable them to provide such a <a href="/wiki/Revenue" title="Revenue">revenue</a> or subsistence for themselves; and, secondly, to supply the state or <a href="/wiki/Commonwealth" title="Commonwealth">commonwealth</a> with a revenue sufficient for the public services. It proposes to enrich both the people and the <a href="/wiki/Sovereign" title="Sovereign">sovereign</a>.</p></blockquote> <figure typeof="mw:File/Thumb"><a href="/wiki/File:FMIB_33025_Aberdeen_Fish_Market.jpeg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/FMIB_33025_Aberdeen_Fish_Market.jpeg/250px-FMIB_33025_Aberdeen_Fish_Market.jpeg" decoding="async" width="250" height="192" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/FMIB_33025_Aberdeen_Fish_Market.jpeg/375px-FMIB_33025_Aberdeen_Fish_Market.jpeg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/FMIB_33025_Aberdeen_Fish_Market.jpeg/500px-FMIB_33025_Aberdeen_Fish_Market.jpeg 2x" data-file-width="750" data-file-height="575" /></a><figcaption><a href="/wiki/Aberdeen" title="Aberdeen">Aberdeen</a> (<a href="/wiki/Scotland" title="Scotland">Scotland</a>) fish market</figcaption></figure> <p>The earliest works of political economy are usually attributed to <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a> scholars Adam Smith, <a href="/wiki/Thomas_Malthus" class="mw-redirect" title="Thomas Malthus">Thomas Malthus</a>, and <a href="/wiki/David_Ricardo" title="David Ricardo">David Ricardo</a>, although they were preceded by the work of the French physiocrats, such as <a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a> (1694–1774) and <a href="/wiki/Anne-Robert-Jacques_Turgot" class="mw-redirect" title="Anne-Robert-Jacques Turgot">Anne-Robert-Jacques Turgot</a> (1727–1781). Smith describes how exchange of goods arose:<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>"As it is by <a href="/wiki/Treaty" title="Treaty">treaty</a>, by <a href="/wiki/Barter" title="Barter">barter</a>, and by <a href="/wiki/Purchase" class="mw-redirect" title="Purchase">purchase</a>, that we obtain from one another the greater part of those mutual good offices which we stand in need of, so it is this same trucking disposition which originally gives occasion to the <a href="/wiki/Division_of_labour" title="Division of labour">division of labour</a>. In a <a href="/wiki/Tribe" title="Tribe">tribe</a> of <a href="/wiki/Hunter" class="mw-redirect" title="Hunter">hunters</a> or <a href="/wiki/Shepherds" class="mw-redirect" title="Shepherds">shepherds</a>, a particular person makes bows and arrows, for example, with more readiness and dexterity than any other. He frequently exchanges them for <a href="/wiki/Cattle" title="Cattle">cattle</a> or for venison, with his companions; and he finds at last that he can, in this manner, get more cattle and venison, than if he himself went to the field to catch them. From a regard to his own <a href="/wiki/Interest" title="Interest">interest</a>, therefore, the making of bows and arrows grows to be his chief business, and he becomes a sort of <a href="/wiki/Armourer" title="Armourer">armourer</a>. Another excels in making the frames and covers of their little huts or moveable houses. He is accustomed to be of use in this way to his neighbours, who reward him in the same manner with cattle and with venison, till at last he finds it his interest to dedicate himself entirely to this employment, and to become a sort of house-<a href="/wiki/Carpenter" class="mw-redirect" title="Carpenter">carpenter</a>. In the same manner a third becomes a <a href="/wiki/Metalsmith" title="Metalsmith">smith</a> or a <a href="/wiki/Brazier" title="Brazier">brazier</a>; a fourth, a tanner or dresser of hides or skins, the principal part of the <a href="/wiki/Clothing" title="Clothing">clothing</a> of savages. And thus the certainty of being able to exchange all that <a href="/wiki/Economic_surplus" title="Economic surplus">surplus</a> part of the <a href="/wiki/Produce" title="Produce">produce</a> of his own labour, which is over and above his own <a href="/wiki/Consumption_(economics)" title="Consumption (economics)">consumption</a>, for such parts of the produce of other men's labour as he may have occasion for, encourages every man to apply himself to a particular occupation, and to cultivate and bring to perfection whatever talent of genius he may possess for that particular species of business."</p></blockquote> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Peru_-_in_the_market_(8444386334).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/3c/Peru_-_in_the_market_%288444386334%29.jpg/250px-Peru_-_in_the_market_%288444386334%29.jpg" decoding="async" width="250" height="175" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/3c/Peru_-_in_the_market_%288444386334%29.jpg/375px-Peru_-_in_the_market_%288444386334%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/3c/Peru_-_in_the_market_%288444386334%29.jpg/500px-Peru_-_in_the_market_%288444386334%29.jpg 2x" data-file-width="2072" data-file-height="1448" /></a><figcaption>Fish market in <a href="/wiki/Peru" title="Peru">Peru</a></figcaption></figure> <p>And explains how exchanged mediated by money came to dominate the market:<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>"But when barter ceases, and money has become the common instrument of <a href="/wiki/Commerce" title="Commerce">commerce</a>, every particular commodity is more frequently exchanged for money than for any other <a href="/wiki/Commodity" title="Commodity">commodity</a>. The <a href="/wiki/Butcher" title="Butcher">butcher</a> seldom carries his beef or his mutton to the baker or the brewer, in order to exchange them for bread or for beer; but he carries them to the market, where he exchanges them for money, and afterwards exchanges that money for <a href="/wiki/Bread" title="Bread">bread</a> and for <a href="/wiki/Beer" title="Beer">beer</a>. The <a href="/wiki/Quantity_of_money" class="mw-redirect" title="Quantity of money">quantity of money</a> which he gets for them regulates, too, the quantity of bread and beer which he can afterwards purchase. It is more natural and obvious to him, therefore, to estimate their value by the quantity of money, the commodity for which he immediately exchanges them, than by that of bread and beer, the commodities for which he can exchange them only by the intervention of another commodity; and rather to say that his butcher's <a href="/wiki/Meat" title="Meat">meat</a> is worth three-pence or fourpence a-pound, than that it is worth three or four pounds of bread, or three or four quarts of small beer. Hence it comes to pass, that the exchangeable value of every commodity is more frequently estimated by the quantity of money, than by the quantity either of labour or of any other commodity which can be had in exchange for it."</p></blockquote> <div class="mw-heading mw-heading4"><h4 id="Microeconomics">Microeconomics</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=12" title="Edit section: Microeconomics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></div> <p><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a> (from Greek prefix <i>mikro</i>- meaning "small" and economics) is a branch of economics that studies the behavior of individuals and small impacting organizations in making decisions on the allocation of limited resources (see <a href="/wiki/Scarcity" title="Scarcity">scarcity</a>). On the other hand, macroeconomics (from the Greek prefix <i>makro</i>- meaning "large" and economics) is a branch of economics dealing with the performance, structure, behavior and decision-making of an economy as a whole, rather than individual markets. </p> <div class="mw-heading mw-heading5"><h5 id="Marginal_revolution">Marginal revolution</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=13" title="Edit section: Marginal revolution"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Afghan_market_teeming_with_vendors_and_shoppers_2-4-09.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/65/Afghan_market_teeming_with_vendors_and_shoppers_2-4-09.jpg/250px-Afghan_market_teeming_with_vendors_and_shoppers_2-4-09.jpg" decoding="async" width="250" height="162" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/65/Afghan_market_teeming_with_vendors_and_shoppers_2-4-09.jpg/375px-Afghan_market_teeming_with_vendors_and_shoppers_2-4-09.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/65/Afghan_market_teeming_with_vendors_and_shoppers_2-4-09.jpg/500px-Afghan_market_teeming_with_vendors_and_shoppers_2-4-09.jpg 2x" data-file-width="3015" data-file-height="1948" /></a><figcaption>An <a href="/wiki/Afghanistan" title="Afghanistan">Afghan</a> market teeming with vendors and shoppers</figcaption></figure> <p>The modern field of microeconomics arose as an effort of neoclassical economics school of thought to put economic ideas into mathematical mode. It began in the 19th century debates surrounding the works of <a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Antoine Augustin Cournot</a>, <a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">William Stanley Jevons</a>, <a href="/wiki/Carl_Menger" title="Carl Menger">Carl Menger</a> and <a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a>—this period is usually denominated as the <a href="/wiki/Marginalism" title="Marginalism">Marginal Revolution</a>. A recurring theme of these debates was the contrast between the <a href="/wiki/Labor_theory_of_value" title="Labor theory of value">labor theory of value</a> and the <a href="/wiki/Subjective_theory_of_value" title="Subjective theory of value">subjective theory of value</a>, the former being associated with classical economists such as <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a>, <a href="/wiki/David_Ricardo" title="David Ricardo">David Ricardo</a> and <a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a> (Marx was a contemporary of the marginalists). A labour theory of value can be understood as a theory that argues that economic value is determined by the amount of socially necessary labour time while a subjective theory of value derives economic value from subjective preferences, usually by specifying a <a href="/wiki/Utility_function" class="mw-redirect" title="Utility function">utility function</a> in accordance with <a href="/wiki/Utilitarianism" title="Utilitarianism">utilitarian philosophy</a>. </p><p>In his <i><a href="/wiki/Principles_of_Economics_(Marshall_book)" title="Principles of Economics (Marshall book)">Principles of Economics</a></i> (1890),<sup id="cite_ref-Marshall_1890_19-0" class="reference"><a href="#cite_note-Marshall_1890-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Alfred Marshall</a> presented a possible solution to this problem, using the <a href="/wiki/Supply_and_demand" title="Supply and demand">supply and demand</a> model. Marshall's idea of solving the controversy was that the <a href="/wiki/Demand_curve" title="Demand curve">demand curve</a> could be derived by aggregating individual consumer demand curves, which were themselves based on the consumer problem of maximizing <a href="/wiki/Utility" title="Utility">utility</a>. The <a href="/wiki/Supply_curve" class="mw-redirect" title="Supply curve">supply curve</a> could be derived by superimposing a representative firm supply curves for the <a href="/wiki/Factors_of_production" title="Factors of production">factors of production</a> and then <a href="/wiki/Market_equilibrium" class="mw-redirect" title="Market equilibrium">market equilibrium</a> (economic equivalent of <a href="/wiki/Mechanical_equilibrium" title="Mechanical equilibrium">mechanical equilibrium</a>) would be given by the intersection of demand and supply curves. He also introduced the notion of different market periods: mainly <a href="/wiki/Long_run_and_short_run" title="Long run and short run">long run and short run</a>. This set of ideas gave way to what economists call <a href="/wiki/Perfect_competition" title="Perfect competition">perfect competition</a>—now found in the standard microeconomics texts, even though Marshall himself was highly skeptical it could be used as general model of all markets. </p> <div class="mw-heading mw-heading5"><h5 id="Market_structure">Market structure</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=14" title="Edit section: Market structure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Ul_merc%C3%B2_dal_lunedi.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9e/Ul_merc%C3%B2_dal_lunedi.JPG/250px-Ul_merc%C3%B2_dal_lunedi.JPG" decoding="async" width="250" height="188" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9e/Ul_merc%C3%B2_dal_lunedi.JPG/375px-Ul_merc%C3%B2_dal_lunedi.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9e/Ul_merc%C3%B2_dal_lunedi.JPG/500px-Ul_merc%C3%B2_dal_lunedi.JPG 2x" data-file-width="3648" data-file-height="2736" /></a><figcaption>Monday market in <a href="/wiki/Portovenere" class="mw-redirect" title="Portovenere">Portovenere</a>, Italy</figcaption></figure> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Wetherby_Market_(13th_May_2010)_002.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/94/Wetherby_Market_%2813th_May_2010%29_002.jpg/250px-Wetherby_Market_%2813th_May_2010%29_002.jpg" decoding="async" width="250" height="188" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/94/Wetherby_Market_%2813th_May_2010%29_002.jpg/375px-Wetherby_Market_%2813th_May_2010%29_002.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/94/Wetherby_Market_%2813th_May_2010%29_002.jpg/500px-Wetherby_Market_%2813th_May_2010%29_002.jpg 2x" data-file-width="3648" data-file-height="2736" /></a><figcaption><a href="/wiki/Wetherby" title="Wetherby">Wetherby</a> (England) town's market</figcaption></figure> <p>Opposed to the model of perfect competition, some models of <a href="/wiki/Imperfect_competition" title="Imperfect competition">imperfect competition</a> were proposed: </p> <ul><li>The <a href="/wiki/Monopoly" title="Monopoly">monopoly</a> model, already considered by marginalist economists, describes a profit maximizing capitalist facing a market <a href="/wiki/Demand_curve" title="Demand curve">demand curve</a> with no competitors, who may practice <a href="/wiki/Price_discrimination" title="Price discrimination">price discrimination</a>.</li> <li>Oligopoly is a <a href="/wiki/Market_form" class="mw-redirect" title="Market form">market form</a> in which a market or industry is dominated by a small number of sellers. The oldest model was the spring water <a href="/wiki/Duopoly" title="Duopoly">duopoly</a> of <a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a> (1838) <sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> in which equilibrium is determined by the duopolists <a href="/wiki/Best_response" title="Best response">reactions functions</a>. It was criticized by <a href="/wiki/Harold_Hotelling" title="Harold Hotelling">Harold Hotelling</a> for its instability, by <a href="/wiki/Joseph_Bertrand" title="Joseph Bertrand">Joseph Bertrand</a> for lacking equilibrium for prices as independent variables.</li> <li><a href="/wiki/Monopolistic_competition" title="Monopolistic competition">Monopolistic competition</a> is a type of imperfect competition such that many producers sell products that are differentiated from one another (e.g., by branding or quality) and hence are not perfect substitutes. In monopolistic competition, a firm takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other firms. The "founding father" of the theory of monopolistic competition is <a href="/wiki/Edward_Hastings_Chamberlin" class="mw-redirect" title="Edward Hastings Chamberlin">Edward Hastings Chamberlin</a>, who wrote a pioneering book on the subject, <i>Theory of Monopolistic Competition</i> (1933). <a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a> published a book called <i><a href="/wiki/The_Economics_of_Imperfect_Competition" title="The Economics of Imperfect Competition">The Economics of Imperfect Competition</a></i> with a comparable theme of distinguishing perfect from imperfect competition. Chamberlin defined monopolistic competition as "challenge to traditional viewpoint of economics that competition and monopoly are alternatives and that individual prices are to be explained in terms of one or the other". He continues: "By contrast it is held that most economic situations are composite of both competition and monopoly, and that, wherever this is the case, a false view is given by neglecting either one of the two forces and regarding the situation as made up entirely of the other".<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> Hotelling built a model of market located over a line with two sellers in each extreme of the line, in this case maximizing profit for both sellers leads to a stable equilibrium. From this model also follows that if a seller is to choose the location of his store so as to maximize his profit, he will place his store the closest to his competitor as "the sharper competition with his rival is offset by the greater number of buyers he has an advantage".<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> He also argues that clustering of stores is wasteful from the point of view of transportation costs and that public interest would dictate more spatial dispersion.</li> <li><a href="/wiki/William_Baumol" title="William Baumol">William Baumol</a> provided in his 1977 paper<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> the current formal definition of a <a href="/wiki/Natural_monopoly" title="Natural monopoly">natural monopoly</a> where "an industry in which multifirm production is more costly than production by a monopoly".</li> <li>Baumol defined a <a href="/wiki/Contestable_market" title="Contestable market">contestable market</a> in his 1982 paper<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> as a market where "entry is absolutely free and exit absolutely costless", freedom of entry in <a href="/wiki/George_Stigler" title="George Stigler">Stigler</a> sense: the incumbent has no cost discrimination against entrants. He states that a contestable market will never have an economic profit greater than zero when in equilibrium and the equilibrium will also be <a href="/wiki/Efficiency" title="Efficiency">efficient</a>. According to Baumol, this equilibrium emerges <a href="/wiki/Endogenous_variable" class="mw-redirect" title="Endogenous variable">endogenously</a> due to the nature of contestable markets; that is, the only industry structure that survives in the long run is the one which minimizes total costs. This is in contrast to the older theory of industry structure since not only is industry structure not <a href="/wiki/Exogenous_variable" class="mw-redirect" title="Exogenous variable">exogenously</a> given, but equilibrium is reached without an ad hoc hypothesis on the behavior of firms, say using reaction functions in a duopoly. He concludes the paper commenting that regulators that seek to impede entry and/or exit of firms would do better to not interfere if the market in question resembles a contestable market.</li></ul> <div class="mw-heading mw-heading5"><h5 id="Market_failure">Market failure</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=15" title="Edit section: Market failure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Morel%27s_used_cars_-_geograph.org.uk_-_437167.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/df/Morel%27s_used_cars_-_geograph.org.uk_-_437167.jpg/250px-Morel%27s_used_cars_-_geograph.org.uk_-_437167.jpg" decoding="async" width="250" height="125" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/df/Morel%27s_used_cars_-_geograph.org.uk_-_437167.jpg/375px-Morel%27s_used_cars_-_geograph.org.uk_-_437167.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/df/Morel%27s_used_cars_-_geograph.org.uk_-_437167.jpg/500px-Morel%27s_used_cars_-_geograph.org.uk_-_437167.jpg 2x" data-file-width="640" data-file-height="321" /></a><figcaption><a href="/wiki/Used_car" title="Used car">Used cars</a> market: due to presence of fundamental asymmetrical information between seller and buyer the market equilibrium is not efficient—in the language of economists it is a <a href="/wiki/Market_failure" title="Market failure">market failure</a></figcaption></figure> <p>Around the 1970s the study of <a href="/wiki/Market_failure" title="Market failure">market failures</a> came into focus with the study of <a href="/wiki/Information_asymmetry" title="Information asymmetry">information asymmetry</a>. In particular, three authors emerged from this period: Akerlof, Spence and Stiglitz. <a href="/wiki/Akerlof" class="mw-redirect" title="Akerlof">Akerlof</a> considered the problem of bad quality cars driving good quality cars out of the market in his classic "<a href="/wiki/The_Market_for_Lemons" title="The Market for Lemons">The Market for Lemons</a>" (1970) because of the presence of asymmetrical information between buyers and sellers.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Michael_Spence" title="Michael Spence">Michael Spence</a> explained that signaling was fundamental in the labour market since employers cannot know beforehand which candidate is the most productive, a college degree becomes a signaling device that a firm uses to select new personnel.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Stiglitz" class="mw-redirect" title="Stiglitz">Stiglitz</a> provided some general conditions under which market equilibrium is not <a href="/wiki/Pareto_efficiency" title="Pareto efficiency">efficient</a>: presence of <a href="/wiki/Externalities" class="mw-redirect" title="Externalities">externalities</a>, imperfect information and <a href="/wiki/Incomplete_market" class="mw-redirect" title="Incomplete market">incomplete markets</a>.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading5"><h5 id="State_interference">State interference</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=16" title="Edit section: State interference"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Preziosi_-_Pia%C5%A3%C4%83_la_R%C3%A2mnicu_V%C3%A2lcea.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/af/Preziosi_-_Pia%C5%A3%C4%83_la_R%C3%A2mnicu_V%C3%A2lcea.jpg/250px-Preziosi_-_Pia%C5%A3%C4%83_la_R%C3%A2mnicu_V%C3%A2lcea.jpg" decoding="async" width="250" height="179" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/af/Preziosi_-_Pia%C5%A3%C4%83_la_R%C3%A2mnicu_V%C3%A2lcea.jpg/375px-Preziosi_-_Pia%C5%A3%C4%83_la_R%C3%A2mnicu_V%C3%A2lcea.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/af/Preziosi_-_Pia%C5%A3%C4%83_la_R%C3%A2mnicu_V%C3%A2lcea.jpg/500px-Preziosi_-_Pia%C5%A3%C4%83_la_R%C3%A2mnicu_V%C3%A2lcea.jpg 2x" data-file-width="2798" data-file-height="2002" /></a><figcaption>A market in <a href="/wiki/R%C3%A2mnicu_V%C3%A2lcea" title="Râmnicu Vâlcea">Râmnicu Vâlcea</a> by Amedeo Preziosi</figcaption></figure> <p><a href="/wiki/Gy%C3%B6rgy_Luk%C3%A1cs" title="György Lukács">György Lukács</a>, a founder of <a href="/wiki/Western_Marxism" title="Western Marxism">Western Marxism</a> wrote about the essence of commodity-structure:.<sup id="cite_ref-Lukacs_1971_28-0" class="reference"><a href="#cite_note-Lukacs_1971-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>Before tackling the problem itself we must be quite clear in our minds that <a href="/wiki/Commodity_fetishism" title="Commodity fetishism">commodity fetishism</a> is a specific problem of our age, the age of <a href="/wiki/Modern_capitalism" class="mw-redirect" title="Modern capitalism">modern capitalism</a>. <a href="/wiki/Commodity_market" title="Commodity market">Commodity exchange</a> and the corresponding subjective and objective commodity relations existed, as we know, when society was still very primitive. What is at issue here, however, is the question: how far is commodity exchange together with its structural consequences able to influence the total outer and inner life of society? Thus the extent to which such exchange is the dominant form of metabolic change in a society cannot simply be treated in quantitative terms—as would harmonize with the modern modes of thought already eroded by the reifying effects of the dominant commodity form. The distinction between a society where this form is dominant, permeating every expression of life, and a society where it only makes an episodic appearance is essentially one of quality. For depending on which is the case, all the subjective phenomena in the societies concerned are objectified in qualitatively different ways.</p></blockquote> <p><a href="/wiki/Work_(human_activity)" title="Work (human activity)">Human labour</a> is <a href="/wiki/Abstracted" class="mw-redirect" title="Abstracted">abstracted</a> and incorporated in commodities:<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p> <ul><li>Objectively: is so far as the commodity form facilitates the equal exchange of qualitatively different things</li> <li>Subjectively: human labour is both the common factor to which all commodities are reduced (in the abstract) and the principle governing the actual production of commodities (in reality)</li></ul> <p>The ultimate problem for the thought of the bourgeoisie is the <a href="/wiki/Crisis" title="Crisis">crisis</a>: the qualitative existence of the 'things' misunderstood as <a href="/wiki/Use-value" class="mw-redirect" title="Use-value">use-values</a> become the decisive factor. The failure is characteristic of <a href="/wiki/Classical_economics" title="Classical economics">classical economics</a> and bourgeoisie economics, inadequate at explaining the true movement of <a href="/wiki/Economic_activity" class="mw-redirect" title="Economic activity">economic activity</a> <i>in toto</i>. The state has a system of law corresponding to capitalist needs: <a href="/wiki/Bureaucracy" title="Bureaucracy">bureaucracy</a>, formal standardization of <a href="/wiki/Justice" title="Justice">justice</a> and <a href="/wiki/Civil_service" title="Civil service">civil service</a>.<sup id="cite_ref-Lukacs_1971_28-1" class="reference"><a href="#cite_note-Lukacs_1971-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/C._B._Macpherson" title="C. B. Macpherson">C. B. Macpherson</a> identifies an underlying model of the market underlying Anglo-American liberal democratic political economy and philosophy in the seventeenth and eighteenth centuries: persons are cast as self-interested individuals, who enter into contractual relations with other such individuals, concerning the exchange of goods or personal capacities cast as commodities, with the motive of maximizing <a href="/wiki/Pecuniary" title="Pecuniary">pecuniary</a> interest. The state and its governance systems are cast as outside of this framework.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> This model came to dominant economic thinking in the later nineteenth century, as so called liberal economists such as <a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a>, <a href="/wiki/James_Mill" title="James Mill">Mill</a>, <a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a>, <a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a> and later neo-classical economics shifted from reference to geographically located marketplaces to an abstract "market".<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> This tradition is continued in contemporary <a href="/wiki/Neoliberalism" title="Neoliberalism">neoliberalism</a> epitomised by the <a href="/wiki/Mont_Pelerin_Society" title="Mont Pelerin Society">Mont Pelerin Society</a> which gathered <a href="/wiki/Frederick_Hayek" class="mw-redirect" title="Frederick Hayek">Frederick Hayek</a>, <a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Ludwig von Mises</a>, <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a> and <a href="/wiki/Karl_Popper" title="Karl Popper">Karl Popper</a>, where the market is held up as optimal for wealth creation and human freedom and the states' role imagined as minimal, reduced to that of upholding and keeping stable property rights, contract and money supply. According to <a href="/wiki/David_Harvey" title="David Harvey">David Harvey</a>, this allowed for boilerplate economic and institutional restructuring under <a href="/wiki/Structural_adjustment" title="Structural adjustment">structural adjustment</a> and post-Communist reconstruction.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> Similar formalism occurs in a wide variety of <a href="/wiki/Social_democratic" class="mw-redirect" title="Social democratic">social democratic</a> and <a href="/wiki/Marxist" class="mw-redirect" title="Marxist">Marxist</a> discourses that situate political action as antagonistic to the market. </p><p>A central theme of empirical analyses is the variation and proliferation of types of markets since the rise of capitalism and global scale economies. The <a href="/wiki/Regulation_school" title="Regulation school">Regulation school</a> stresses the ways in which developed capitalist countries have implemented varying degrees and types of environmental, economic and social regulation, taxation and public spending, fiscal policy and government provisioning of goods, all of which have transformed markets in uneven and geographical varied ways and created a variety of <a href="/wiki/Mixed_economies" class="mw-redirect" title="Mixed economies">mixed economies</a>. </p> <div class="mw-heading mw-heading4"><h4 id="Economic_coordination">Economic coordination</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=17" title="Edit section: Economic coordination"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Drawing on concepts of institutional variance and <a href="/wiki/Path_dependence" title="Path dependence">path dependence</a>, varieties of capitalism theorists (such as Peter Hall and <a href="/wiki/David_Soskice" title="David Soskice">David Soskice</a>) identify two dominant modes of economic ordering in the developed capitalist countries: </p> <ul><li>Coordinated market economies (such as <a href="/wiki/Germany" title="Germany">Germany</a> and <a href="/wiki/Japan" title="Japan">Japan</a>) based on relational or incomplete contracting, <a href="/wiki/Network_monitoring" title="Network monitoring">network monitoring</a> based on the exchange of <a href="/wiki/Private_information" class="mw-redirect" title="Private information">private information</a> inside networks, and more reliance on collaborative, as opposed to competitive, relationships to build the competencies of the firm</li> <li>Anglo-American liberal market economies: firms coordinate their activities primarily via hierarchies and competitive market arrangements.</li></ul> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Coal_power_plant_Datteln_2_Crop1.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d6/Coal_power_plant_Datteln_2_Crop1.png/250px-Coal_power_plant_Datteln_2_Crop1.png" decoding="async" width="250" height="231" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d6/Coal_power_plant_Datteln_2_Crop1.png/375px-Coal_power_plant_Datteln_2_Crop1.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d6/Coal_power_plant_Datteln_2_Crop1.png/500px-Coal_power_plant_Datteln_2_Crop1.png 2x" data-file-width="2325" data-file-height="2145" /></a><figcaption>A coal power plant in <a href="/wiki/Datteln" title="Datteln">Datteln</a>—<a href="/wiki/Emissions_trading" title="Emissions trading">emissions trading</a> or <a href="/wiki/Cap_and_trade" class="mw-redirect" title="Cap and trade">cap and trade</a> is a market-based approach used to control pollution by providing economic incentives for achieving reductions in the emissions of pollutants</figcaption></figure> <p>However, such approaches imply that the Anglo-American liberal market economies in fact operate in a matter close to the abstract notion of "the market". While Anglo-American countries have seen increasing introduction of neo-liberal forms of economic ordering, this has not led to simple convergence, but rather a variety of hybrid institutional orderings.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> Rather, a variety of new markets have emerged, such as for <a href="/wiki/Carbon_trading" class="mw-redirect" title="Carbon trading">carbon trading</a> or rights to pollute. In some cases, such as emerging markets for water in <a href="/wiki/England" title="England">England</a> and <a href="/wiki/Wales" title="Wales">Wales</a>, different forms of neoliberalism have been tried: moving from the state hydraulic model associated with concepts of universal provision and <a href="/wiki/Public_service" title="Public service">public service</a> to <a href="/wiki/Market_environmentalism" class="mw-redirect" title="Market environmentalism">market environmentalism</a> associated with pricing of environmental externalities to reduce <a href="/wiki/Environmental_degradation" title="Environmental degradation">environmental degradation</a> and efficient allocation of water resources. In this case liberalization has multiple meanings: </p> <ul><li><a href="/wiki/Privatization" title="Privatization">Privatization</a>: change of ownership from state monopoly to private hands</li> <li><a href="/wiki/Commercialization" title="Commercialization">Commercialization</a>: pursuing efficiency, cost-benefit analysis and <a href="/wiki/Profit_maximization" title="Profit maximization">profit maximization</a> by introducing prices in comparison with the bill system proportional to property value</li> <li><a href="/wiki/Commodification" title="Commodification">Commodification</a>: standardization, pricing to address <a href="/wiki/Water_scarcity" title="Water scarcity">water scarcity</a> according to the <a href="/wiki/Dublin_principles" class="mw-redirect" title="Dublin principles">Dublin principles</a> and the <a href="/wiki/Hague" class="mw-redirect" title="Hague">Hague</a> declaration</li></ul> <p>In a period of fiscal and ideological crisis, <a href="/wiki/State_failure" class="mw-redirect" title="State failure">state failure</a> is seen as the catalyst for liberalization, however the failure in assuring <a href="/wiki/Water_quality" title="Water quality">water quality</a> can be seen as a driver for economic and ecological reregulation (in this case coming from the <a href="/wiki/European_Union" title="European Union">European Union</a>). More broadly the idea of a water market failure can be seen as the explanation for state intervention, generating a natural monopoly of hydraulic infrastructure and the regulation of externalities such as <a href="/wiki/Water_pollution" title="Water pollution">water pollution</a>. The situation however is not that simple, as the regulator may have the duty of introducing competition, which can be: </p> <ul><li>Direct competition or product competition</li> <li>Surrogate competition</li> <li>Competition for corporate control by mergers and takeovers</li> <li>Procurement competition</li> <li>Franchising</li></ul> <p>Introduction of <a href="/wiki/Water_metering" title="Water metering">metering</a> can result in both restriction and increase of consumption with <a href="/wiki/Marginal_cost#Long_run_marginal_cost" title="Marginal cost">LRMC</a> pricing being the regulator (<a href="/wiki/Ofwat" title="Ofwat">Ofwat</a>) preferred methodology.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Marketing">Marketing</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=18" title="Edit section: Marketing"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Marketing" title="Marketing">Marketing</a></div> <div class="mw-heading mw-heading4"><h4 id="Market_distribution">Market distribution</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=19" title="Edit section: Market distribution"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:This_is_the_market,_WPA_poster,_1937.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/dd/This_is_the_market%2C_WPA_poster%2C_1937.jpg/250px-This_is_the_market%2C_WPA_poster%2C_1937.jpg" decoding="async" width="250" height="316" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/dd/This_is_the_market%2C_WPA_poster%2C_1937.jpg/375px-This_is_the_market%2C_WPA_poster%2C_1937.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/dd/This_is_the_market%2C_WPA_poster%2C_1937.jpg/500px-This_is_the_market%2C_WPA_poster%2C_1937.jpg 2x" data-file-width="2905" data-file-height="3673" /></a><figcaption><a href="/wiki/Works_Project_Administration" class="mw-redirect" title="Works Project Administration">Works Project Administration</a> poster (1937)</figcaption></figure> <p>Paul Dulaney Converse and Fred M. Jones wrote:<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>Market distribution includes those activities which create place, time, and possession utilities. To the economist, market distribution is therefore part of production because it deals with the creation of utilities, and "distribution" refers to the distribution of wealth among the members of society. The businessman, however, thinks of distribution as selling his goods and getting them into the hands of the consumer. To the businessman, "distribution" means marketing—selling and transportation.</p></blockquote> <p>The methods of studying marketing are: </p> <ul><li>Functional approach: services or functions performed, what goods they are performed upon, what middlemen perform them</li> <li>Commodity approach: what goods are marketed, what function are performed on them, what middlemen perform these functions</li> <li>Institutional approach: what institutions, or middlemen, are engaged in distribution, what functions they perform, what good they handle</li></ul> <figure typeof="mw:File/Thumb"><a href="/wiki/File:PerceptualMap1.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/60/PerceptualMap1.png/250px-PerceptualMap1.png" decoding="async" width="250" height="187" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/6/60/PerceptualMap1.png 1.5x" data-file-width="343" data-file-height="256" /></a><figcaption><a href="/wiki/Perceptual_mapping" title="Perceptual mapping">Perceptual mapping</a> is a diagrammatic technique used by <a href="/wiki/Marketers" class="mw-redirect" title="Marketers">marketers</a> that attempts to visually display the perceptions of <a href="/wiki/Customer" title="Customer">customers</a> or potential customers and the position of a <a href="/wiki/Product_(business)" title="Product (business)">product</a>, <a href="/wiki/Product_line" class="mw-redirect" title="Product line">product line</a>, <a href="/wiki/Brand" title="Brand">brand</a>, or <a href="/wiki/Company" title="Company">company</a> is typically displayed relative to their competition.</figcaption></figure> <p>Businesses market their products/services to a specific <a href="/wiki/Market_segmentation" title="Market segmentation">segments</a> of <a href="/wiki/Consumers" class="mw-redirect" title="Consumers">consumers</a>: the defining factors of the markets are determined by demographics, interests and age/gender. A small market is a <a href="/wiki/Niche_market" title="Niche market">niche market</a>, while a big market is a <a href="/wiki/Mass_market" title="Mass market">mass market</a>. A form of expansion is to enter a new market and sell/advertise to a different set of users. </p> <div class="mw-heading mw-heading4"><h4 id="Marketing_management">Marketing management</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=20" title="Edit section: Marketing management"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Marketing_management" title="Marketing management">marketing management</a> school, evolved in the late 1950s and early 1960s, is fundamentally linked with the <a href="/wiki/Marketing_mix" title="Marketing mix">marketing mix</a><sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> framework, a business tool used in marketing and by marketers. In his paper "The Concept of the Marketing Mix", <a href="/wiki/Neil_H._Borden" title="Neil H. Borden">Neil H. Borden</a> reconstructed the history of the term "marketing mix".<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> He started teaching the term after an associate, James Culliton, described the role of the <a href="/wiki/Marketing_manager" class="mw-redirect" title="Marketing manager">marketing manager</a> in 1948 as a "mixer of ingredients"; one who sometimes follows recipes prepared by others, sometimes prepares his own recipe as he goes along, sometimes adapts a recipe from immediately available ingredients, and at other times invents new ingredients no one else has tried. The functions of total marketing include <a href="/wiki/Advertising" title="Advertising">advertising</a>, <a href="/wiki/Personal_selling" title="Personal selling">personal selling</a>, <a href="/wiki/Packaging" title="Packaging">packaging</a>, <a href="/wiki/Pricing" title="Pricing">pricing</a>, <a href="/wiki/Marketing_channel" title="Marketing channel">channeling</a> and <a href="/wiki/Warehousing" class="mw-redirect" title="Warehousing">warehousing</a>. Borden also identified the market forces affecting marketing mix: </p> <ul><li>Consumer buying behavior</li> <li>Trade's behavior (<a href="/wiki/Wholesale" class="mw-redirect" title="Wholesale">wholesale</a> and <a href="/wiki/Retailing" class="mw-redirect" title="Retailing">retailing</a>)</li> <li>Competitors position and behavior: industry structure, product choice, <a href="/wiki/Oversupply" class="mw-redirect" title="Oversupply">oversupply</a>, <a href="/wiki/Pricing" title="Pricing">pricing</a> and <a href="/wiki/Innovation" title="Innovation">innovation</a></li> <li>Governmental behavior: <a href="/wiki/Regulation" title="Regulation">regulations</a></li></ul> <p>Borden concludes saying that marketing is more an art than a science. The marketer <a href="/wiki/E._Jerome_McCarthy" title="E. Jerome McCarthy">E. Jerome McCarthy</a> proposed a four Ps classification (<a href="/wiki/Product_(business)" title="Product (business)">product</a>, <a href="/wiki/Price" title="Price">price</a>, <a href="/wiki/Promotion_(marketing)" title="Promotion (marketing)">promotion</a>, <a href="/wiki/Distribution_(business)" class="mw-redirect" title="Distribution (business)">place</a>) in 1960, which has since been used by marketers throughout the world.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> Koichi Shimizu proposed a 7Cs Compass Model (<a href="/wiki/Corporation" title="Corporation">corporation</a>, <a href="/wiki/Commodity" title="Commodity">commodity</a>, <a href="/wiki/Cost" title="Cost">cost</a>, <a href="/wiki/Communication" title="Communication">communication</a>, <a href="/wiki/Marketing_channel" title="Marketing channel">channel</a>, <a href="/wiki/Consumer" title="Consumer">consumer</a>, <a href="/wiki/Circumstances_(rhetoric)" class="mw-redirect" title="Circumstances (rhetoric)">circumstances</a>) to provide a more complete picture of the nature of marketing in 1981. Robert F. Lauterborn wrote about the Four P's in 1990<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>When Jerry McCarthy and <a href="/wiki/Philip_Kotler" title="Philip Kotler">Phil Kotler</a> proposed their alliterative litany – Product, Price, Place and Promotion – the marketing world was very different. Roaring out of <a href="/wiki/World_War_II" title="World War II">World War II</a> with a cranked-up production system ready to feed a lust for better living, American business linked management science to the art of mass marketing and rocketed to the moon. In the days of "Father Knows Best," it all seemed so simple. The advertiser developed a product, priced it to make a profit, placed it on the retail shelf and promoted it to a pliant, even eager consumer. Mass media simultaneously taught consumptive culture and provided advertisers with efficient access to an audience which would behave, <a href="/wiki/Ernest_Dichter" title="Ernest Dichter">Dr. Dichter</a> assured us, perfectly predictably, given the proper stimulation.</p></blockquote> <p>He instead advocated a four Cs classification which is a more consumer-oriented version of the four Ps that attempts to better fit the movement from mass marketing to niche marketing: </p> <ul><li><a href="/wiki/Consumer" title="Consumer">Consumer</a>: do not focus on product, study consumer wants and needs</li> <li><a href="/wiki/Cost" title="Cost">Cost</a>: forget price, instead understand the consumer cost to satisfy that want or need, even driving time versus time spent with family matters</li> <li><a href="/wiki/Communication" title="Communication">Communication</a>: forget promotion, instead focus on communication and create dialogue</li> <li><a href="/wiki/Convenience" title="Convenience">Convenience</a>: forget place, instead think about convenience to buy, know each market subsegment</li></ul> <div class="mw-heading mw-heading3"><h3 id="Sociology">Sociology</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=21" title="Edit section: Sociology"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Economic_sociology" title="Economic sociology">Economic sociology</a></div> <div class="mw-heading mw-heading4"><h4 id="Economic_rationality">Economic rationality</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=22" title="Edit section: Economic rationality"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Max_Weber" title="Max Weber">Max Weber</a> defines the measure of rational economic action as the:<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p> <ol><li>Systematic distribution of utilities between present and future</li> <li>Systematic distribution of utilities between various potential uses</li> <li>Systematic production of utilities by <a href="/wiki/Manufacture" class="mw-redirect" title="Manufacture">manufacture</a> or transportation by the owner of the means of production</li> <li>Systematic acquisition by agreement of the powers of control and disposal over utilities, mainly by establishing <a href="/wiki/Corporate" class="mw-redirect" title="Corporate">corporate</a> groups or by exchange</li></ol> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Dilli_Haat_bargaining.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/71/Dilli_Haat_bargaining.jpg/250px-Dilli_Haat_bargaining.jpg" decoding="async" width="250" height="167" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/71/Dilli_Haat_bargaining.jpg/375px-Dilli_Haat_bargaining.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/71/Dilli_Haat_bargaining.jpg/500px-Dilli_Haat_bargaining.jpg 2x" data-file-width="3888" data-file-height="2592" /></a><figcaption>Market bargaining in <a href="/wiki/Dilli_Haat" title="Dilli Haat">Dilli Haat</a> (<a href="/wiki/Delhi" title="Delhi">Delhi</a>)</figcaption></figure> <p>Opposition of interests is typically resolved by <a href="/wiki/Bargaining" title="Bargaining">bargaining</a> or by <a href="/wiki/Procurement" title="Procurement">competitive biding</a>: </p> <ol><li>Utilities, goods and labour are at the disposal of the individual without interference from others</li> <li>Transportation can be seen as a part of the process of production</li> <li>It is indifferent whether the individual is prevented from using force to interfere in the controls of others by means of a <a href="/wiki/Legal_order" class="mw-redirect" title="Legal order">legal order</a>, <a href="/wiki/Convention_(norm)" title="Convention (norm)">convention</a>, <a href="/wiki/Convention_(norm)" title="Convention (norm)">custom</a>, self-interest or <a href="/wiki/Moral_standard" class="mw-redirect" title="Moral standard">moral standards</a></li> <li>Competition for the means of production may exist under various conditions</li> <li>Anything which may be transferred between individuals by compensation may be an object of exchange</li> <li>Conditions of exchange may be traditional, conventional (exchange of gifts) or rational (motivated by profit or need)</li> <li>Regulations may threaten the source of supply</li></ol> <p>Money may classified as: </p> <ul><li>Coined money is called "free money" or "market money" when it is coined by the <a href="/wiki/Mint_(facility)" title="Mint (facility)">mint</a> without limit of amount</li> <li>It is called "limited" money or "administrative money" if the issue of coinage if subject to a corporate group</li> <li>It is called regulated money if the kind and amount of coinage is subject to rules</li></ul> <p>Weber defines: </p> <ul><li>Market situation: all the opportunities of exchanging a good for money that are known by the participants</li> <li>Marketability: degree of regularity that a good tends to be an object of exchange in the market</li> <li>Market freedom: degree of autonomy enjoyed by the participants in price determination and competition</li> <li>Market regulation: restrictions on marketability and market freedom, done by tradition, convention, law, voluntary action</li></ul> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Radhanites.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/eb/Radhanites.png/250px-Radhanites.png" decoding="async" width="250" height="125" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/eb/Radhanites.png/375px-Radhanites.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/eb/Radhanites.png/500px-Radhanites.png 2x" data-file-width="1152" data-file-height="576" /></a><figcaption>Trade networks are very old and in this picture the blue line shows the trade network of the <a href="/wiki/Radhanites" class="mw-redirect" title="Radhanites">Radhanites</a>, <abbr title="circa">c.</abbr><span style="white-space:nowrap;"> 870 CE</span>.</figcaption></figure> <p>Weber defines "formal rationality of economic action" to designate the extent of quantitative <a href="/wiki/Calculation" title="Calculation">calculation</a> or <a href="/wiki/Accounting" title="Accounting">accounting</a> and "substantive rationality" as the degree a group of persons is or could be adequately provided with good by means of oriented course of social action. A prominent entry-point for challenging the market model's applicability concerns exchange transactions and the <i><a href="/wiki/Homo_economicus" title="Homo economicus">homo economicus</a></i> assumption of self-interest maximization. As of 2012<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Market_(economics)&action=edit">[update]</a></sup>, a number of streams of <a href="/wiki/Economic_sociology" title="Economic sociology">economic sociological</a> analysis of markets focus on the role of the social in transactions and on the ways transactions involve <a href="/wiki/Social_network" title="Social network">social networks</a> and relations of <a href="/wiki/Trust_(social_sciences)" class="mw-redirect" title="Trust (social sciences)">trust</a>, <a href="/wiki/Cooperation" title="Cooperation">cooperation</a> and other bonds.<sup id="cite_ref-Swedberg,_1994,_p._267_42-0" class="reference"><a href="#cite_note-Swedberg,_1994,_p._267-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> Economic geographers in turn draw attention to the ways exchange transactions occur against the backdrop of <a href="/wiki/Institutional" class="mw-redirect" title="Institutional">institutional</a>, social and geographic processes, including <a href="/wiki/Social_class" title="Social class">class</a> relations, <a href="/wiki/Uneven_development" class="mw-redirect" title="Uneven development">uneven development</a> and historically contingent <a href="/wiki/Path_dependency" class="mw-redirect" title="Path dependency">path-dependencies</a>.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Pierre_Bourdieu" title="Pierre Bourdieu">Pierre Bourdieu</a> has suggested the market model is becoming self-realizing in virtue of its wide acceptance in national and international institutions through the 1990s.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Abstraction,_market_agencement_and_framing"><span id="Abstraction.2C_market_agencement_and_framing"></span>Abstraction, market agencement and framing</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=23" title="Edit section: Abstraction, market agencement and framing"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Michel_Callon" title="Michel Callon">Michel Callon</a> traces the history of how the market as a place (fairs, flea markets, fish markets) became an abstract concept (market for ideas, dating market, job market) which he calls the interface market model.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> This abstraction proceeds in three layers: </p> <ul><li>Sellers, buyers, platform goods</li> <li>Competition</li> <li>Institutions</li></ul> <p>The interface market model thus establishes that: </p> <ol><li>Agents and goods are distinguable</li> <li>A transfer is a communication of property rights</li> <li>Competition develops between <a href="/wiki/Agent_(economics)" title="Agent (economics)">agents</a></li> <li>A <a href="/wiki/Financial_transaction" title="Financial transaction">transaction</a> consists of monetary payments</li></ol> <p>The limitations of this model are: </p> <ol><li>They do not take into account the material composition of market activities</li> <li>They bracket out the constructive process of creating supply and demand, which leads to underestimating the crucial role played by bilateral transactions and the initiation of these transactions</li> <li>They create unrealism through the concepts of <a href="/wiki/Aggregation_problem" title="Aggregation problem">aggregated</a> supply and demand and bring about difficulties in comprehending the actual mechanisms for establishing prices</li> <li>They create a total impasse on the complex processes that result in a separation between agents and goods</li> <li>The hypothesis that goods are platforms precludes us from recognizing they are processes</li> <li>A description of agents that underestimates their diversity, heterogeneity, and plasticity</li></ol> <p>Callon offer the market agencements (heterogenous assemblage) model as an alternative, its features being: </p> <ol><li>Competition is the struggle to establish bilateral transactions that are never identical</li> <li>Innovation is fundamental to commercial activity</li> <li>Goods are processes</li> <li>Proliferating agents, plastic identities and networking</li></ol> <figure class="mw-halign-center" typeof="mw:File/Thumb"><a href="/wiki/File:Yongsan_Electronics_Market_(3385983467)_(cropped).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/18/Yongsan_Electronics_Market_%283385983467%29_%28cropped%29.jpg/1000px-Yongsan_Electronics_Market_%283385983467%29_%28cropped%29.jpg" decoding="async" width="1000" height="143" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/18/Yongsan_Electronics_Market_%283385983467%29_%28cropped%29.jpg/1500px-Yongsan_Electronics_Market_%283385983467%29_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/18/Yongsan_Electronics_Market_%283385983467%29_%28cropped%29.jpg/2000px-Yongsan_Electronics_Market_%283385983467%29_%28cropped%29.jpg 2x" data-file-width="2592" data-file-height="370" /></a><figcaption><a href="/wiki/Yongsan_Electronics_Market" title="Yongsan Electronics Market">Yongsan Electronics Market</a> in <a href="/wiki/Seoul" title="Seoul">Seoul</a> (<a href="/wiki/South_Korea" title="South Korea">South Korea</a>)</figcaption></figure> <p>Market agencements function through <a href="/wiki/Framing_(social_sciences)" title="Framing (social sciences)">framing</a>, that is action is oriented to a strategic goal (obtaining bilateral transactions), for example market oriented passiva(c)tion: </p> <ol><li>Detaches the good and liberates it from all those who participated in its elaboration and profiling</li> <li>Renders it apt to provoke courses of actions and to contribute to their realization (that is, imbues it with uses)</li> <li>Ensures that its behavior is at least to a certain extent controllable and predictable</li> <li>Organizes the attribution and transfer of <a href="/wiki/Property_right" class="mw-redirect" title="Property right">property rights</a></li></ol> <p>Callon identifies the activities necessary for framing: </p> <ol><li>Rendering goods pass(act)ive</li> <li>Activating agencies capable of evaluating and transforming these goods</li> <li>Organizing their encounter</li> <li>Ensuring the attachment of the goods to the agencies</li> <li>Obtaining consent to pay</li> <li>Setting a price and compelling payment–actions that combine and interweave with one another, with possible feedback loops and iterations</li></ol> <div class="mw-heading mw-heading4"><h4 id="Embeddedness">Embeddedness</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=24" title="Edit section: Embeddedness"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Alfred Marshall wrote:<sup id="cite_ref-Marshall_1890_19-1" class="reference"><a href="#cite_note-Marshall_1890-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>Thus it is on the one side a study of wealth; and on the other, and more important side, a part of the study of man. For man's character has been moulded by his every-day work, and the material resources which he thereby procures, more than by any other influence unless it be that of his religious <a href="/wiki/Ideal_(ethics)" title="Ideal (ethics)">ideals</a>; and the two great forming agencies of the world's history have been the <a href="/wiki/Religious" class="mw-redirect" title="Religious">religious</a> and the economic. Here and there the ardour of the military or the artistic spirit has been for a while predominant: but religious and economic influences have nowhere been displaced from the front rank even for a time; and they have nearly always been more important than all others put together. Religious motives are more intense than economic, but their direct action seldom extends over so large a part of life. For the business by which a person earns his livelihood generally fills his thoughts during by far the greater part of those hours in which his mind is at its best; during them his character is being formed by the way in which he uses his faculties in his work, by the thoughts and the feelings which i\t suggests, and by his relations to his associates in work, his employers or his employees.</p></blockquote> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Puritans-drinking-from-pewter-mugs-in-colonial-massachusetts.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6a/Puritans-drinking-from-pewter-mugs-in-colonial-massachusetts.jpg/450px-Puritans-drinking-from-pewter-mugs-in-colonial-massachusetts.jpg" decoding="async" width="450" height="335" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6a/Puritans-drinking-from-pewter-mugs-in-colonial-massachusetts.jpg/675px-Puritans-drinking-from-pewter-mugs-in-colonial-massachusetts.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6a/Puritans-drinking-from-pewter-mugs-in-colonial-massachusetts.jpg/900px-Puritans-drinking-from-pewter-mugs-in-colonial-massachusetts.jpg 2x" data-file-width="1300" data-file-height="968" /></a><figcaption>Puritans drinking from <a href="/wiki/Pewter" title="Pewter">pewter</a> mugs at the tavern, <a href="/wiki/Massachusetts" title="Massachusetts">Massachusetts</a></figcaption></figure> <p>According to Max Weber the spirit of capitalism as preached by <a href="/wiki/Benjamin_Franklin" title="Benjamin Franklin">Benjamin Franklin</a> is directly connected with utilitarianism, <a href="/wiki/Rationalism" title="Rationalism">rationalism</a> and <a href="/wiki/Protestantism" title="Protestantism">Protestantism</a>. <a href="/wiki/Martin_Luther" title="Martin Luther">Luther</a> <a href="/wiki/Religious_calling" class="mw-redirect" title="Religious calling">calling</a> was not a monastic one but involves the fulfilments of obligations imposed by one's position in the world. The pursuit of money and earthly goods was not viewed positively by <a href="/wiki/Protestantism" title="Protestantism">Protestantism</a>, the <a href="/wiki/Puritan" class="mw-redirect" title="Puritan">Puritans</a> however emphasized that <a href="/wiki/God" title="God">God</a> blessings, like in the <a href="/wiki/Book_of_Job" title="Book of Job">Book of Job</a>, applied also to material life. The limitation of consumption inevitably results in <a href="/wiki/Capital_accumulation" title="Capital accumulation">capital accumulation</a>, therefore, for Weber, the Puritan's idea of the calling and <a href="/wiki/Asceticism" title="Asceticism">ascetic conduct</a> contributed to development of capitalism: <a href="/wiki/Saving" title="Saving">saving</a> is an ascetic activity.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Embeddedness" title="Embeddedness">Embeddedness</a> expresses the idea that the economy is not autonomous but subordinated to politics, religion, and social relations. <a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a>'s use of the term suggests the now familiar idea that market transactions depend on trust, mutual understanding, and legal enforcement of contracts.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> Michel Callon's concept of framing provides a useful <a href="/wiki/Schema_(Kant)" title="Schema (Kant)">schema</a>: each economic act or transaction occurs against, incorporates and also re-performs a geographically and cultural specific complex of social histories, institutional arrangements, rules and connections. These <a href="/wiki/Social_network" title="Social network">network</a> relations are simultaneously bracketed, so that persons and transactions may be disentangled from thick social bonds. The character of calculability is imposed upon agents as they come to work in markets and are "formatted" as calculative agencies. Market exchanges contain a history of struggle and contestation that produced actors predisposed to exchange under certain sets of rules. Therefore, for Challon, market transactions can never be disembedded from social and geographic relations and there is no sense to talking of degrees of embeddedness and disembeddeness.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> During the 20th century two common forms of critique were made: </p> <ul><li>Categories of 19th century <a href="/wiki/Social_science" title="Social science">social science</a> such as <a href="/wiki/Social_class" title="Social class">class</a>, <a href="/wiki/Modernity" title="Modernity">modernity</a> or <a href="/wiki/Western_world" title="Western world">the West</a> were <a href="/wiki/Social_construction" class="mw-redirect" title="Social construction">social constructions</a></li> <li>These categories were artificial and not universal</li></ul> <p>These are common themes in interpretive <a href="/wiki/Social_science" title="Social science">social science</a>, <a href="/wiki/Cultural_studies" title="Cultural studies">cultural studies</a> and <a href="/wiki/Post-structuralism" title="Post-structuralism">post-structuralism</a>. However, as <a href="/wiki/Timothy_Mitchell" title="Timothy Mitchell">Timothy Mitchell</a> points out this mode of thought tends to put aside the real, the natural and nonhuman: the idea that a universal processes exists such as modernity, <a href="/wiki/Capitalism" title="Capitalism">capitalism</a> and <a href="/wiki/Globalization" title="Globalization">globalization</a> should not be taken for granted.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> An emerging theme is the interrelationship, inter-penetrability and variations of concepts of <a href="/wiki/Person" title="Person">persons</a>, <a href="/wiki/Commodities" class="mw-redirect" title="Commodities">commodities</a> and modes of exchange under particular market formations. This is most pronounced in recent movement towards <a href="/wiki/Post-structuralist" class="mw-redirect" title="Post-structuralist">post-structuralist</a> theorizing that draws on <a href="/wiki/Michel_Foucault" title="Michel Foucault">Michel Foucault</a> and <a href="/wiki/Actor-network_theory" class="mw-redirect" title="Actor-network theory">Actor Network Theory</a> and stress relational aspects of person-hood, and dependence and integration into networks and practical systems. Commodity network approaches further both deconstruct and show alternatives to the market models concept of commodities.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Social_systems_theory">Social systems theory</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=25" title="Edit section: Social systems theory"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Social_system" title="Social system">social systems</a> theory (cf. <a href="/wiki/Niklas_Luhmann" title="Niklas Luhmann">Niklas Luhmann</a>), markets are also conceptualized as inner environments of the economy. As horizon of all potential investment decisions the market represents the environment of the actually realized investment decisions. However, such inner environments can also be observed in further function systems of society like in political, scientific, religious or mass media systems.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Economic_geography">Economic geography</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=26" title="Edit section: Economic geography"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Economic_geography" title="Economic geography">Economic geography</a></div> <p><a href="/wiki/Wilhelm_Launhardt" title="Wilhelm Launhardt">Wilhelm Launhardt</a>, a <a href="/wiki/Location_theory" title="Location theory">location theorist</a>, wrote:<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>The conditions governing the distribution and settling of the population over any area are dependent on the nature of its economic activity: and when this activity is engaged in the <a href="/wiki/Agriculture" title="Agriculture">cultivation</a> of the surface of the ground and in the <a href="/wiki/Husbandry" class="mw-redirect" title="Husbandry">husbandry</a> of land and wood and on many kinds of handicrafts and small manufactures this distribution is to be assumed as uniform over the area; although, as a matter of fact, the population usually lives collected together in small hamlets, and the number of the inhabitants per unit of area, or <a href="/wiki/Density_of_population" class="mw-redirect" title="Density of population">density of population</a>, varies according to the local conditions. Another part of the population, namely that which is engaged in wholesale commerce, the various professions of Art and Science, and that which consists of merchants and officials, lives collected in towns.</p></blockquote> <p>Transportation can be carried either by stone-paved roads or railways, the former not being fully developed by private capital alone. A widespread trend in <a href="/wiki/Economic_history" title="Economic history">economic history</a> and <a href="/wiki/Sociology" title="Sociology">sociology</a> is skeptical of the idea that it is possible to develop a theory to capture an essence or unifying thread to markets.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> For economic geographers, reference to regional, local, or <a href="/wiki/Commodity" title="Commodity">commodity</a> specific markets can serve to undermine assumptions of global integration and highlight geographic variations in the structures, <a href="/wiki/Institution" title="Institution">institutions</a>, histories, <a href="/wiki/Path_dependency" class="mw-redirect" title="Path dependency">path dependencies</a>, forms of interaction and modes of self-understanding of agents in different spheres of market exchange.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> Reference to actual markets can show <a href="/wiki/Capitalism" title="Capitalism">capitalism</a> not as a totalizing force or completely encompassing <a href="/wiki/Mode_of_production" title="Mode of production">mode of economic activity</a>, but rather as "a set of economic practices scattered over a <a href="/wiki/Landscape" title="Landscape">landscape</a>, rather than a systemic concentration of power".<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> </p> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Mercado_Negro,_La_Paz,_Bolivia.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6e/Mercado_Negro%2C_La_Paz%2C_Bolivia.JPG/250px-Mercado_Negro%2C_La_Paz%2C_Bolivia.JPG" decoding="async" width="250" height="188" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6e/Mercado_Negro%2C_La_Paz%2C_Bolivia.JPG/375px-Mercado_Negro%2C_La_Paz%2C_Bolivia.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6e/Mercado_Negro%2C_La_Paz%2C_Bolivia.JPG/500px-Mercado_Negro%2C_La_Paz%2C_Bolivia.JPG 2x" data-file-width="640" data-file-height="480" /></a><figcaption><a href="/wiki/Black_market" title="Black market">Black market</a> in <a href="/wiki/La_Paz" title="La Paz">La Paz</a></figcaption></figure> <p>Problematic for market formalism is the relationship between formal capitalist economic processes and a variety of alternative forms, ranging from semi-<a href="/wiki/Feudal" class="mw-redirect" title="Feudal">feudal</a> and <a href="/wiki/Peasant" title="Peasant">peasant</a> economies widely operative in many <a href="/wiki/Developing_economy" class="mw-redirect" title="Developing economy">developing economies</a>, to <a href="/wiki/Informal_market" class="mw-redirect" title="Informal market">informal markets</a>, <a href="/wiki/Barter" title="Barter">barter</a> systems, <a href="/wiki/Worker_cooperative" title="Worker cooperative">worker cooperatives</a>, or <a href="/wiki/Illegal_trade" class="mw-redirect" title="Illegal trade">illegal trades</a> that occur in most developed countries. Practices of incorporation of non-Western peoples into global markets in the nineteenth and twentieth centuries did not merely result in the quashing of former social economic institutions. Rather, various modes of articulation arose between transformed and hybridized local traditions and social practices and the emergent <a href="/wiki/World_economy" title="World economy">world economy</a>. By their liberal nature, so called capitalist markets have almost always included a wide range of geographically situated economic practices that do not follow the market model. Economies are thus hybrids of market and non-market elements.<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> Helpful here is <a href="/wiki/J.K._Gibson-Graham" class="mw-redirect" title="J.K. Gibson-Graham">J.K. Gibson-Graham</a>'s complex topology of the diversity of contemporary market economies describing different types of <a href="/wiki/Financial_transaction" title="Financial transaction">transactions</a>, <a href="/wiki/Manual_labour" title="Manual labour">labour</a> and economic agents. Transactions can occur in <a href="/wiki/Black_market" title="Black market">black markets</a> (such as for <a href="/wiki/Marijuana" class="mw-redirect" title="Marijuana">marijuana</a>) or be artificially protected (such as for <a href="/wiki/Patent" title="Patent">patents</a>). They can cover the sale of <a href="/wiki/Public_good_(economics)" title="Public good (economics)">public goods</a> under <a href="/wiki/Privatization" title="Privatization">privatization</a> schemes to co-operative exchanges and occur under varying degrees of <a href="/wiki/Monopoly_power" class="mw-redirect" title="Monopoly power">monopoly power</a> and state <a href="/wiki/Regulation" title="Regulation">regulation</a>. Likewise, there are a wide variety of economic agents, which engage in different types of transactions on different terms: one cannot assume the practices of a religious <a href="/wiki/Kindergarten" title="Kindergarten">kindergarten</a>, <a href="/wiki/Multinational_corporation" title="Multinational corporation">multinational corporation</a>, <a href="/wiki/State_enterprise" class="mw-redirect" title="State enterprise">state enterprise</a>, or community-based <a href="/wiki/Cooperative" title="Cooperative">cooperative</a> can be subsumed under the same logic of calculability. This emphasis on proliferation can also be contrasted with continuing scholarly attempts to show underlying cohesive and structural similarities to different markets.<sup id="cite_ref-Swedberg,_1994,_p._267_42-1" class="reference"><a href="#cite_note-Swedberg,_1994,_p._267-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> Gibson-Graham thus read a variety of alternative markets for <a href="/wiki/Fair_trade" title="Fair trade">fair trade</a> and <a href="/wiki/Organic_food" title="Organic food">organic foods</a> or those using <a href="/wiki/Local_exchange_trading_system" title="Local exchange trading system">local exchange trading system</a> as not only contributing to proliferation, but also forging new modes of ethical exchange and economic subjectivities. </p> <div class="mw-heading mw-heading3"><h3 id="Anthropology">Anthropology</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=27" title="Edit section: Anthropology"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Economic_anthropology" title="Economic anthropology">Economic anthropology</a></div> <p>Economic anthropology is a scholarly field that attempts to explain human economic behavior in its widest historic, geographic and cultural scope. Its origins as a sub-field of anthropology begin with the Polish–British founder of anthropology, <a href="/wiki/Bronis%C5%82aw_Malinowski" title="Bronisław Malinowski">Bronisław Malinowski</a>, and his French compatriot, <a href="/wiki/Marcel_Mauss" title="Marcel Mauss">Marcel Mauss</a>, on the nature of gift-giving exchange (or <a href="/wiki/Reciprocity_(cultural_anthropology)" title="Reciprocity (cultural anthropology)">reciprocity</a>) as an alternative to market exchange. Studies in economic anthropology for the most part are focused on exchange but they a complex relationship with the discipline of economics, of which it is highly critical:<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> for example Trobianders described by Malinowski deviate from rational self-interested individual.<sup id="cite_ref-Malinowski_1922_58-0" class="reference"><a href="#cite_note-Malinowski_1922-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> </p> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Kula_bracelet.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/75/Kula_bracelet.jpg/250px-Kula_bracelet.jpg" decoding="async" width="250" height="190" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/75/Kula_bracelet.jpg/375px-Kula_bracelet.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/75/Kula_bracelet.jpg/500px-Kula_bracelet.jpg 2x" data-file-width="1536" data-file-height="1167" /></a><figcaption>A Kula <a href="/wiki/Bracelet" title="Bracelet">bracelet</a> from the <a href="/wiki/Trobriand_Islands" title="Trobriand Islands">Trobriand Islands</a></figcaption></figure> <p>Bronisław Malinowski's path-breaking work, <i><a href="/wiki/Argonauts_of_the_Western_Pacific" title="Argonauts of the Western Pacific">Argonauts of the Western Pacific</a></i> (1922), addressed the question "why would men risk life and limb to travel across huge expanses of dangerous ocean to give away what appear to be worthless <a href="https://en.wiktionary.org/wiki/trinket" class="extiw" title="wikt:trinket">trinkets</a>?". He begins by describing trade in the <a href="/wiki/Polynesia" title="Polynesia">South Sea</a>:<sup id="cite_ref-Malinowski_1922_58-1" class="reference"><a href="#cite_note-Malinowski_1922-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>The coastal populations of the <a href="/wiki/South_Sea_Islands" class="mw-redirect" title="South Sea Islands">South Sea Islands</a>, with very few exceptions, are, or were before their extinction, expert navigators and traders. Several of them had evolved excellent types of large sea-going <a href="/wiki/Canoe" title="Canoe">canoes</a>, and used to embark in them on distant trade expeditions or raids of war and conquest. The Papuo-Melanesians, who inhabit the coast and the outlying islands of <a href="/wiki/New_Guinea" title="New Guinea">New Guinea</a>, are no exception to this rule. In general they are daring sailors, industrious manufacturers, and keen traders. The manufacturing centres of important articles, such as pottery, stone implements, canoes, fine baskets, valued ornaments, are localised in several places, according to the skill of the inhabitants, their inherited tribal tradition, and special facilities offered by the district; thence they are traded over wide areas, sometimes travelling more than hundreds of miles. Definite forms of exchange along definite <a href="/wiki/Trade_route" title="Trade route">trade routes</a> are to be found established between the various tribes. A most remarkable form of intertribal trade is that obtaining between the <a href="/wiki/Motu_people" title="Motu people">Motu</a> of <a href="/wiki/Port_Moresby" title="Port Moresby">Port Moresby</a> and the tribes of the Papuan Gulf. The Motu sail for hundreds of miles in heavy, unwieldy canoes, called <a href="/wiki/Lakatoi" title="Lakatoi">lakatoi</a>, which are provided with the characteristic crab-claw sails. They bring pottery and <a href="/wiki/Seashell" title="Seashell">shell</a> ornaments, in olden days, stone blades, to Gulf Papuans, from whom they obtain in exchange sago and the heavy dug-outs, which are used afterwards by the Motu for the construction of their lakatoi canoes.</p></blockquote> <p>The economic situation can vary considerably depending on the tribes and islands: for example the <a href="/wiki/Gumawana" class="mw-redirect" title="Gumawana">Gumawana</a> villagers are known as efficient sailors and for their skill in pottery, they are, however, island monopolists keeping the trade in their own hands without improving it. In a series of three expeditions, Malinowski carefully traced the network of exchanges of bracelets and necklaces across the <a href="/wiki/Trobriand_Islands" title="Trobriand Islands">Trobriand Islands</a> and established that they were part of a system of inter-tribal exchange: it is known as the <a href="/wiki/Kula_ring" title="Kula ring">Kula ring</a>, a closed circuit in which necklaces of red shells go in a <a href="/wiki/Clockwise" title="Clockwise">clockwise</a> motion and bracelets of white shell go in anticlockwise motion. Malinowski goes on to explain:<sup id="cite_ref-Malinowski_1922_58-2" class="reference"><a href="#cite_note-Malinowski_1922-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> </p> <figure typeof="mw:File/Thumb"><a href="/wiki/File:MAP_V_-_Argonauts_of_the_western_Pacific_1922_(page_136_crop).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a7/MAP_V_-_Argonauts_of_the_western_Pacific_1922_%28page_136_crop%29.jpg/250px-MAP_V_-_Argonauts_of_the_western_Pacific_1922_%28page_136_crop%29.jpg" decoding="async" width="250" height="188" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a7/MAP_V_-_Argonauts_of_the_western_Pacific_1922_%28page_136_crop%29.jpg/375px-MAP_V_-_Argonauts_of_the_western_Pacific_1922_%28page_136_crop%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a7/MAP_V_-_Argonauts_of_the_western_Pacific_1922_%28page_136_crop%29.jpg/500px-MAP_V_-_Argonauts_of_the_western_Pacific_1922_%28page_136_crop%29.jpg 2x" data-file-width="2128" data-file-height="1603" /></a><figcaption>The Kula ring</figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>Thus in the Introduction we called the Kula a "form of trade," and we ranged it alongside other systems of barter. This is quite correct, if we give the word "trade" a sufficiently wide interpretation, and mean by it any exchange of goods. But the word "trade" is used in current <a href="/wiki/Ethnography" title="Ethnography">Ethnography</a> and economic literature with so many different implications that a whole lot of misleading, preconceived ideas have to be brushed aside in order to grasp the facts correctly. Thus the aprioric current notion of primitive trade would be that of an exchange of indispensable or useful articles, done without much ceremony or regulation, under stress of dearth or need, in spasmodic, irregular intervals—and this done either by direct barter, everyone looking out sharply not to be done out of his due, or, if the savages were too timid and distrustful to face one another, by some customary arrangement, securing by means of heavy penalties compliance in the obligations incurred or imposed.* Waiving for the present the question how far this conception is valid or not in general—in my opinion it is quite misleading—we have to realise clearly that the Kula contradicts in almost every point the above definition of "savage trade." It shows to us primitive exchange in an entirely different light. The Kula is not a surreptitious and precarious form of exchange. It is, quite on the contrary, rooted in myth, backed by traditional law, and surrounded with magical rites. All its main transactions are public and ceremonial, and carried out according to definite rules. It is not done on the spur of the moment, but happens periodically, at dates settled in advance, and it is carried on along definite trade routes, which must lead to fixed trysting places. Sociologically, though transacted between tribes differing in language, culture, and probably even in race, it is based on a fixed and permanent status, on a partnership which binds into couples some thousands of individuals. This partnership is a lifelong relationship, it implies various mutual duties and privileges, and constitutes a type of inter-tribal relationship on an enormous scale. As to the economic mechanism of the transactions, this is based on a specific form of credit, which implies a high degree of mutual trust and commercial honour—and this refers also to the subsidiary, minor trade, which accompanies the Kula proper. Finally, the Kula is not done under stress of any need, since its main aim is to exchange articles which are of no practical use.</p></blockquote> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Parure_della_regina_maria_amelia,_parigi,_1800-15_poi_1850-75_ca.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/64/Parure_della_regina_maria_amelia%2C_parigi%2C_1800-15_poi_1850-75_ca.jpg/250px-Parure_della_regina_maria_amelia%2C_parigi%2C_1800-15_poi_1850-75_ca.jpg" decoding="async" width="250" height="243" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/64/Parure_della_regina_maria_amelia%2C_parigi%2C_1800-15_poi_1850-75_ca.jpg/375px-Parure_della_regina_maria_amelia%2C_parigi%2C_1800-15_poi_1850-75_ca.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/64/Parure_della_regina_maria_amelia%2C_parigi%2C_1800-15_poi_1850-75_ca.jpg/500px-Parure_della_regina_maria_amelia%2C_parigi%2C_1800-15_poi_1850-75_ca.jpg 2x" data-file-width="1796" data-file-height="1744" /></a><figcaption>French crown jewels in the Louvre exhibition</figcaption></figure> <p>In the 1920s and later, Malinowski's study became the subject of debate with the French anthropologist, Marcel Mauss, author of <i><a href="/wiki/The_Gift_(Mauss_book)" class="mw-redirect" title="The Gift (Mauss book)">The Gift</a></i> (<i>Essai sur le don</i>, 1925).<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> Malinowski emphasized the exchange of goods between individuals and their non-altruistic motives for giving: they expected a return of equal or greater value (colloquially referred to as "<a href="/wiki/Indian_giving" class="mw-redirect" title="Indian giving">Indian giving</a>"). In other words, <a href="/wiki/Reciprocity_(cultural_anthropology)" title="Reciprocity (cultural anthropology)">reciprocity</a> is an implicit part of gifting as no "free gift" is given without expectation of reciprocity. In contrast, Mauss has emphasized that the gifts were not between individuals, but between representatives of larger collectivities. He stated that this exchange system was clearly linked to political authority.<sup id="cite_ref-Parry_1986_453–73_60-0" class="reference"><a href="#cite_note-Parry_1986_453–73-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> He argued these gifts were a "total prestation" as they were not simple, alienable commodities to be bought and sold, but like the "<a href="/wiki/Crown_jewels" title="Crown jewels">Crown jewels</a>" embodied the reputation, history and sense of identity of a "corporate kin group", such as a line of kings. Given the stakes, Mauss asked "why anyone would give them away?" and his answer was an enigmatic concept, "the spirit of the gift". A good part of the confusion (and resulting debate) was due to a bad translation. Mauss appeared to be arguing that a return gift is given to keep the very relationship between givers alive; a failure to return a gift ends the relationship; and the promise of any future gifts. Based on an improved translate, <a href="/wiki/Jonathan_Parry" title="Jonathan Parry">Jonathan Parry</a> has demonstrated that Mauss was arguing that the concept of a "pure gift" given altruistically only emerges in societies with a well-developed market <a href="/wiki/Ideology" title="Ideology">ideology</a>.<sup id="cite_ref-Parry_1986_453–73_60-1" class="reference"><a href="#cite_note-Parry_1986_453–73-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> </p><p>Rather than emphasize how particular kinds of objects are either gifts or commodities to be traded in restricted spheres of exchange, <a href="/wiki/Arjun_Appadurai" title="Arjun Appadurai">Arjun Appadurai</a> and others began to look at how objects flowed between these spheres of exchange. They shifted attention away from the character of the human relationships formed through exchange and placed it on "the social life of things" instead. They examined the strategies by which an object could be "<a href="/wiki/Commodity_pathway_diversion" title="Commodity pathway diversion">singularized</a>" (made unique, special, one-of-a-kind) and so withdrawn from the market. A marriage ceremony that transforms a purchased <a href="/wiki/Wedding_ring" title="Wedding ring">ring</a> into an irreplaceable family <a href="/wiki/Heirloom" title="Heirloom">heirloom</a> is one example whereas the heirloom, in turn, makes a perfect gift. </p> <div class="mw-heading mw-heading3"><h3 id="Mathematical_modeling">Mathematical modeling</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=28" title="Edit section: Mathematical modeling"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Although <a href="/wiki/Arithmetic" title="Arithmetic">arithmetic</a> has been used since the beginning of civilization to set prices, it was not until the 19th century that data was systematically collected and more advanced mathematical tools began to be used to study markets in the form of <a href="/wiki/Social_statistics" title="Social statistics">social statistics</a>. <a href="/wiki/Business_intelligence" title="Business intelligence">Business intelligence</a> is also dated to the 19th century, but it was with the rise of the <a href="/wiki/Computer" title="Computer">computer</a> that <a href="/wiki/Business_analytics" title="Business analytics">business analytics</a> exploded. More recent techniques involve <a href="/wiki/Data_mining" title="Data mining">data mining</a> and <a href="/wiki/Marketing_engineering" title="Marketing engineering">marketing engineering</a>. </p> <div class="mw-heading mw-heading4"><h4 id="Size_parameters">Size parameters</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=29" title="Edit section: Size parameters"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Market size can be given in terms of the number of buyers and sellers in a particular market<sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup> or in terms of the total exchange of money in the market, generally annually (per year). When given in terms of money, market size is often termed "market value", but in a sense distinct from <a href="/wiki/Market_value" title="Market value">market value</a> of individual products. For one and the same goods, there may be different (and generally increasing) market values at the production level, the wholesale level and the retail level. For example, the value of the global illicit drug market for the year 2003 was estimated by the <a href="/wiki/United_Nations" title="United Nations">United Nations</a> to be US$13 billion at the production level, $94 billion at the wholesale level (taking seizures into account) and US$322 billion at the retail level (based on retail prices and taking seizures and other losses into account).<sup id="cite_ref-62" class="reference"><a href="#cite_note-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> </p> <ul class="gallery mw-gallery-traditional"> <li class="gallerybox" style="width: 335px"> <div class="thumb" style="width: 330px; height: 230px;"><span typeof="mw:File"><a href="/wiki/File:Existing_Home_Sales_Chart_-_Mar_09b.png" class="mw-file-description" title="United States home sales (blue)"><img alt="United States home sales (blue)" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Existing_Home_Sales_Chart_-_Mar_09b.png/267px-Existing_Home_Sales_Chart_-_Mar_09b.png" decoding="async" width="267" height="200" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Existing_Home_Sales_Chart_-_Mar_09b.png/400px-Existing_Home_Sales_Chart_-_Mar_09b.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Existing_Home_Sales_Chart_-_Mar_09b.png/533px-Existing_Home_Sales_Chart_-_Mar_09b.png 2x" data-file-width="960" data-file-height="720" /></a></span></div> <div class="gallerytext">United States home sales (blue)</div> </li> <li class="gallerybox" style="width: 335px"> <div class="thumb" style="width: 330px; height: 230px;"><span typeof="mw:File"><a href="/wiki/File:2008_UK_Book_Sales_Value.png" class="mw-file-description" title="Book sales in the United Kingdom"><img alt="Book sales in the United Kingdom" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c2/2008_UK_Book_Sales_Value.png/246px-2008_UK_Book_Sales_Value.png" decoding="async" width="246" height="200" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c2/2008_UK_Book_Sales_Value.png/369px-2008_UK_Book_Sales_Value.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c2/2008_UK_Book_Sales_Value.png/492px-2008_UK_Book_Sales_Value.png 2x" data-file-width="611" data-file-height="497" /></a></span></div> <div class="gallerytext">Book sales in the United Kingdom</div> </li> <li class="gallerybox" style="width: 335px"> <div class="thumb" style="width: 330px; height: 230px;"><span typeof="mw:File"><a href="/wiki/File:LPO_Market_Size_and_Growth.png" class="mw-file-description" title="Size and growth of the legal outsourcing market"><img alt="Size and growth of the legal outsourcing market" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cc/LPO_Market_Size_and_Growth.png/300px-LPO_Market_Size_and_Growth.png" decoding="async" width="300" height="196" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cc/LPO_Market_Size_and_Growth.png/450px-LPO_Market_Size_and_Growth.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cc/LPO_Market_Size_and_Growth.png/600px-LPO_Market_Size_and_Growth.png 2x" data-file-width="897" data-file-height="585" /></a></span></div> <div class="gallerytext">Size and growth of the <a href="/wiki/Legal_outsourcing" title="Legal outsourcing">legal outsourcing</a> market</div> </li> <li class="gallerybox" style="width: 335px"> <div class="thumb" style="width: 330px; height: 230px;"><span typeof="mw:File"><a href="/wiki/File:Global_Mobile_Applications_Store_Revenue.svg" class="mw-file-description" title="Global mobiles applications market size"><img alt="Global mobiles applications market size" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fd/Global_Mobile_Applications_Store_Revenue.svg/163px-Global_Mobile_Applications_Store_Revenue.svg.png" decoding="async" width="163" height="200" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fd/Global_Mobile_Applications_Store_Revenue.svg/245px-Global_Mobile_Applications_Store_Revenue.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fd/Global_Mobile_Applications_Store_Revenue.svg/327px-Global_Mobile_Applications_Store_Revenue.svg.png 2x" data-file-width="438" data-file-height="536" /></a></span></div> <div class="gallerytext">Global <a href="/wiki/Mobile_app" title="Mobile app">mobiles applications</a> market size</div> </li> </ul> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=30" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 15em;"> <ul><li><a href="/wiki/Grocery_store" title="Grocery store">Grocery store</a></li> <li><a href="/wiki/Justice_and_the_Market" title="Justice and the Market">Justice and the Market</a></li> <li><a href="/wiki/Knowledge_market" title="Knowledge market">Knowledge market</a></li> <li><a href="/wiki/Market_economy" title="Market economy">Market economy</a></li> <li><a href="/wiki/Market_engineering" title="Market engineering">Market engineering</a></li> <li><a href="/wiki/Market_information_systems" title="Market information systems">Market information systems</a></li> <li><a href="/wiki/Market_microstructure" title="Market microstructure">Market microstructure</a></li> <li><a href="/wiki/Market_town" title="Market town">Market town</a></li> <li><a href="/wiki/Shopper_marketing" title="Shopper marketing">Shopper marketing</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=31" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20120712024544/http://oxforddictionaries.com/definition/english/transaction">"Transaction"</a>, Oxford Dictionaries. Retrieved 25 October 2014.</span> </li> <li id="cite_note-natureofthefirm-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-natureofthefirm_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-natureofthefirm_2-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-natureofthefirm_2-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFCoase1937" class="citation journal cs1"><a href="/wiki/Ronald_Coase" title="Ronald Coase">Coase, Ronald</a> (1937). 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"The Gift, the Indian Gift and the 'Indian Gift'<span class="cs1-kern-right"></span>". <i>Man</i>. <b>21</b> (3): 453–473. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F2803096">10.2307/2803096</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2803096">2803096</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:152071807">152071807</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Man&rft.atitle=The+Gift%2C+the+Indian+Gift+and+the+%27Indian+Gift%27&rft.volume=21&rft.issue=3&rft.pages=453-473&rft.date=1986&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A152071807%23id-name%3DS2CID&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2803096%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.2307%2F2803096&rft.aulast=Parry&rft.aufirst=Jonathan&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMarket+%28economics%29" class="Z3988"></span></span> </li> <li id="cite_note-61"><span class="mw-cite-backlink"><b><a href="#cite_ref-61">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.investorwords.com/6576/market_size.html">investorwords.com > market size</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100213100302/http://www.investorwords.com/6576/market_size.html">Archived</a> 2010-02-13 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> Retrieved on April 17, 2010</span> </li> <li id="cite_note-62"><span class="mw-cite-backlink"><b><a href="#cite_ref-62">^</a></b></span> <span class="reference-text">United Nations, "2005 World Drug Report", Office on Drugs and Crime, June 2005, p. 16. <a rel="nofollow" class="external autonumber" href="http://www.unodc.org/pdf/WDR_2005/volume_1_web.pdf">[1]</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100714115535/http://www.unodc.org/pdf/WDR_2005/volume_1_web.pdf">Archived</a> 2010-07-14 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_(economics)&action=edit&section=32" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1034237262">.mw-parser-output .stack{box-sizing:border-box}.mw-parser-output .stack>div{margin:1px;overflow:hidden}@media all and (min-width:720px){.mw-parser-output .stack-clear-left{float:left;clear:left}.mw-parser-output .stack-clear-right{float:right;clear:right}.mw-parser-output .stack-left{float:left}.mw-parser-output .stack-right{float:right}.mw-parser-output .stack-margin-clear-left{float:left;clear:left;margin-right:1em}.mw-parser-output .stack-margin-clear-right{float:right;clear:right;margin-left:1em}.mw-parser-output .stack-margin-left{float:left;margin-right:1em}.mw-parser-output .stack-margin-right{float:right;margin-left:1em}}</style><div class="stack mw-stack stack-right"><div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid 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screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}</style><div class="side-box side-box-right plainlinks sistersitebox"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/Wiktionary-logo-en-v2.svg/40px-Wiktionary-logo-en-v2.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/Wiktionary-logo-en-v2.svg/60px-Wiktionary-logo-en-v2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/99/Wiktionary-logo-en-v2.svg/80px-Wiktionary-logo-en-v2.svg.png 2x" data-file-width="512" data-file-height="512" /></span></span></div> <div class="side-box-text plainlist">Look up <i><b><a href="https://en.wiktionary.org/wiki/Special:Search/market_(economics)" class="extiw" title="wiktionary:Special:Search/market (economics)">market (economics)</a></b></i> in Wiktionary, the free dictionary.</div></div> </div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1235681985"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1237033735"><div class="side-box side-box-right plainlinks sistersitebox"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/34px-Wikiquote-logo.svg.png" decoding="async" width="34" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/51px-Wikiquote-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/68px-Wikiquote-logo.svg.png 2x" data-file-width="300" data-file-height="355" /></span></span></div> <div class="side-box-text plainlist">Wikiquote has quotations related to <i><b><a href="https://en.wikiquote.org/wiki/Market" class="extiw" title="q:Market">Market</a></b></i>.</div></div> </div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1235681985"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1237033735"><div class="side-box side-box-right plainlinks sistersitebox"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/30px-Commons-logo.svg.png" decoding="async" width="30" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/45px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/59px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span></div> <div class="side-box-text plainlist">Wikimedia Commons has media related to <a href="https://commons.wikimedia.org/wiki/Category:Market_(economics)" class="extiw" title="commons:Category:Market (economics)"><span style="font-style:italic; font-weight:bold;">Market (economics)</span></a>.</div></div> </div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1235681985"><div class="side-box metadata side-box-right"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"> <div class="side-box-abovebelow"> <a href="/wiki/Wikipedia:The_Wikipedia_Library" title="Wikipedia:The Wikipedia Library">Library resources</a> about <br /> <b>Market</b> <hr /></div> <div class="side-box-flex"> <div class="side-box-text plainlist"><ul><li><a class="external text" href="https://ftl.toolforge.org/cgi-bin/ftl?st=wp&su=Market+%28economics%29">Resources in your library</a></li> </ul></div></div> </div> </div></div> <ul><li><a href="/wiki/Robert_Pindyck" title="Robert Pindyck">Pindyck, Robert S.</a> and Daniel L. Rubinfeld, <i>Microeconomics</i>, Prentice Hall 2012.</li> <li><a href="/wiki/Robert_H._Frank" title="Robert H. Frank">Frank, Robert H.</a>, <i>Microeconomics and Behavior</i>, 6th ed., McGraw-Hill/Irwin 2006.</li> <li><a href="/wiki/Philip_Kotler" title="Philip Kotler">Kotler, P.</a> and <a href="/wiki/Kevin_Lane_Keller" title="Kevin Lane Keller">Keller, K.L.</a>, <i>Marketing Management</i>, Prentice Hall 2011.</li> <li>Baker, Michael J. and Michael Saren, <i>Marketing Theory: A Student Text</i>, Sage 2010. <a rel="nofollow" class="external text" href="https://books.google.com/books?id=79d5DYM2vWMC">online</a>.</li> <li><a href="/wiki/Patrik_Aspers" title="Patrik Aspers">Aspers, Patrik</a>, <i>Markets</i>, Polity Press 2011. <a rel="nofollow" class="external text" href="https://books.google.com/books?id=0OKEa5p8mJ8C">online</a>.</li> <li>Bauer, Leonard and Herbert Matis (1988) <i>From moral to political economy: The Genesis of social sciences</i>, History of European Ideas 9 (2), 125–143.</li> <li>Nathaus, Klaus and David Gilgen (Eds.), <i>Change of Markets and Market Societies: Concepts and Case Studies</i>. <a href="/wiki/Historical_Social_Research" title="Historical Social Research">Historical Social Research</a> 36 (3), Special Issue, 2011.</li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output .navbox-list-with-group{text-align:left;border-left-width:2px;border-left-style:solid}.mw-parser-output tr+tr>.navbox-abovebelow,.mw-parser-output tr+tr>.navbox-group,.mw-parser-output tr+tr>.navbox-image,.mw-parser-output tr+tr>.navbox-list{border-top:2px solid #fdfdfd}.mw-parser-output .navbox-title{background-color:#ccf}.mw-parser-output .navbox-abovebelow,.mw-parser-output .navbox-group,.mw-parser-output .navbox-subgroup .navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Microeconomics" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Microeconomics" title="Template:Microeconomics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Microeconomics" title="Template talk:Microeconomics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Microeconomics" title="Special:EditPage/Template:Microeconomics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Microeconomics" style="font-size:114%;margin:0 4em"><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Major topics</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aggregation_problem" title="Aggregation problem">Aggregation</a></li> <li><a href="/wiki/Budget_set" title="Budget set">Budget set</a></li> <li><a href="/wiki/Consumer_choice" title="Consumer choice">Consumer choice</a></li> <li><a href="/wiki/Convexity_in_economics" title="Convexity in economics">Convexity</a> and <a href="/wiki/Non-convexity_(economics)" title="Non-convexity (economics)">non-convexity</a></li> <li><a href="/wiki/Economic_cost" title="Economic cost">Cost</a> <ul><li><a href="/wiki/Average_cost" title="Average cost">Average</a></li> <li><a href="/wiki/Marginal_cost" title="Marginal cost">Marginal</a></li> <li><a href="/wiki/Opportunity_cost" title="Opportunity cost">Opportunity</a> <ul><li><a href="/wiki/Implicit_cost" title="Implicit cost">Implicit</a></li></ul></li> <li><a href="/wiki/Social_cost" title="Social cost">Social</a></li> <li><a href="/wiki/Sunk_cost" title="Sunk cost">Sunk</a></li> <li><a href="/wiki/Transaction_cost" title="Transaction cost">Transaction</a></li></ul></li> <li><a href="/wiki/Cost%E2%80%93benefit_analysis" title="Cost–benefit analysis">Cost–benefit analysis</a></li> <li><a href="/wiki/Deadweight_loss" title="Deadweight loss">Deadweight loss</a></li> <li><a href="/wiki/Distribution_(economics)" title="Distribution (economics)">Distribution</a></li> <li><a href="/wiki/Economies_of_scale" title="Economies of scale">Economies of scale</a></li> <li><a href="/wiki/Economies_of_scope" title="Economies of scope">Economies of scope</a></li> <li><a href="/wiki/Elasticity_(economics)" title="Elasticity (economics)">Elasticity</a> <ul><li><a href="/wiki/Cross_elasticity_of_demand" title="Cross elasticity of demand">Cross elasticity of demand</a></li> <li><a href="/wiki/Income_elasticity_of_demand" title="Income elasticity of demand">Income elasticity of demand</a></li> <li><a href="/wiki/Price_elasticity_of_demand" title="Price elasticity of demand">Price elasticity of demand</a></li> <li><a href="/wiki/Price_elasticity_of_supply" title="Price elasticity of supply">Price elasticity of supply</a></li></ul></li> <li><a href="/wiki/Economic_equilibrium" title="Economic equilibrium">Equilibrium</a> <ul><li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General</a></li></ul></li> <li><a href="/wiki/Trade" title="Trade">Exchange</a></li> <li><a href="/wiki/Externality" title="Externality">Externality</a></li> <li><a href="/wiki/Theory_of_the_firm" title="Theory of the firm">Firms</a></li> <li><a href="/wiki/Goods_and_services" title="Goods and services">Goods and services</a> <ul><li><a href="/wiki/Goods" title="Goods">Goods</a></li> <li><a href="/wiki/Service_(economics)" title="Service (economics)">Service</a></li></ul></li> <li><a href="/wiki/Family_economics" title="Family economics">Household</a></li> <li><a href="/wiki/Income%E2%80%93consumption_curve" title="Income–consumption curve">Income–consumption curve</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Indifference_curve" title="Indifference curve">Indifference curve</a></li> <li><a href="/wiki/Intertemporal_choice" title="Intertemporal choice">Intertemporal choice</a></li> <li><a class="mw-selflink selflink">Market</a></li> <li><a href="/wiki/Market_failure" title="Market failure">Market failure</a></li> <li><a href="/wiki/Market_structure" title="Market structure">Market structure</a> <ul><li><a href="/wiki/Competition_(economics)" title="Competition (economics)">Competition</a> <ul><li><a href="/wiki/Monopolistic_competition" title="Monopolistic competition">Monopolistic</a></li> <li><a href="/wiki/Perfect_competition" title="Perfect competition">Perfect</a></li></ul></li> <li><a href="/wiki/Duopoly" title="Duopoly">Duopoly</a></li> <li><a href="/wiki/Monopoly" title="Monopoly">Monopoly</a> <ul><li><a href="/wiki/Bilateral_monopoly" title="Bilateral monopoly">Bilateral</a></li> <li><a href="/wiki/Complementary_monopoly" title="Complementary monopoly">Complementary</a></li></ul></li> <li><a href="/wiki/Monopsony" title="Monopsony">Monopsony</a></li> <li><a href="/wiki/Oligopoly" title="Oligopoly">Oligopoly</a></li> <li><a href="/wiki/Oligopsony" title="Oligopsony">Oligopsony</a></li></ul></li> <li><a href="/wiki/Pareto_efficiency" title="Pareto efficiency">Pareto efficiency</a></li> <li><a href="/wiki/Preference_(economics)" title="Preference (economics)">Preferences</a></li> <li><a href="/wiki/Price" title="Price">Price</a> <ul><li><a href="/wiki/Price_controls" title="Price controls">Price controls</a></li> <li><a href="/wiki/Price_ceiling" title="Price ceiling">Price ceiling</a></li> <li><a href="/wiki/Price_floor" title="Price floor">Price floor</a></li> <li><a href="/wiki/Price_discrimination" title="Price discrimination">Price discrimination</a></li> <li><a href="/wiki/Price_signal" title="Price signal">Price signal</a></li> <li><a href="/wiki/Price_system" title="Price system">Price system</a>/<a href="/wiki/Free_price_system" title="Free price system">Free</a></li> <li><a href="/wiki/Pricing" title="Pricing">Pricing</a></li></ul></li> <li><a href="/wiki/Production_set" title="Production set">Production</a></li> <li><a href="/wiki/Profit_(economics)" title="Profit (economics)">Profit</a></li> <li><a href="/wiki/Public_good_(economics)" title="Public good (economics)">Public goods</a></li> <li><a href="/wiki/Rationing" title="Rationing">Rationing</a></li> <li><a href="/wiki/Economic_rent" title="Economic rent">Rent</a></li> <li><a href="/wiki/Returns_to_scale" title="Returns to scale">Returns to scale</a></li> <li><a href="/wiki/Risk_aversion" title="Risk aversion">Risk aversion</a></li> <li><a href="/wiki/Scarcity" title="Scarcity">Scarcity</a></li> <li><a href="/wiki/Shortage" title="Shortage">Shortage</a>/<a href="/wiki/Excess_supply" title="Excess supply">Excess supply</a></li> <li><a href="/wiki/Substitution_effect" title="Substitution effect">Substitution effect</a></li> <li><a href="/wiki/Economic_surplus" title="Economic surplus">Surplus</a></li> <li><a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice</a></li> <li><a href="/wiki/Supply_and_demand" title="Supply and demand">Supply and demand</a> <ul><li><a href="/wiki/Demand" title="Demand">Demand</a>/<a href="/wiki/Law_of_demand" title="Law of demand">Law of demand</a></li> <li><a href="/wiki/Supply_(economics)" title="Supply (economics)">Supply</a>/<a href="/wiki/Law_of_supply" title="Law of supply">Law of supply</a></li></ul></li> <li><a href="/wiki/Uncertainty" title="Uncertainty">Uncertainty</a></li> <li><a href="/wiki/Utility" title="Utility">Utility</a> <ul><li><a href="/wiki/Expected_utility_hypothesis" title="Expected utility hypothesis">Expected</a></li> <li><a href="/wiki/Marginal_utility" title="Marginal utility">Marginal</a></li></ul></li> <li><a href="/wiki/Wage" title="Wage">Wage</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Subfields</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> 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