By J. Lepper
Why do markets exist? How are they maintained? What are industry platforms and the way are they shaped? This publication addresses those basic questions and demanding situations the normal view that markets and industry structures are 'natural', asserting instead that they're ideologically colored and of doubtful clinical worth.
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Extra info for An Enquiry into the Ideology and Reality of Market and Market System
As a consequence, the scope of Market remains undefined. One consequence is that whenever Market is found to be refuted by facts, it is possible to assert that Market is being applied inappropriately: Market cannot be empirically tested. Market Space consists of offers of, and offers for, commodities leading to exchange between persons at agreed prices. Demand is defined as distinct from, and in opposition to, supply. However, demanding has no social significance without supplying and vice versa.
Some economists consider that the determination of the distribution of income and wealth is set by non-economic or “political” forces and imposed on Market. It is, therefore, not part of economic science. Our argument illustrates the error in such a view. The distribution of income is intimately linked to the innermost workings of Market and any process, political or otherwise, which affects it may affect the very efficiency of resource allocation on which the neo-classical case for Market depends.
24 An Enquiry into the Ideology and Reality of Market and Market System This argument may have no bearing on reality. Mercantifers may be linked through other means than the price mechanism. These may include direct interdependencies between price and demand where demanders measure value by price (Veblen, 1899/2007), demanders and suppliers linked through externality (Buchanan and Stubblebine, 1962), interdependence between suppliers in imperfect competition, duopoly and oligopoly (Chamberlin, 1933; Robinson, 1933; von Neumann and Morgenstern, 1944) and links between demanders (Nash, 1950a,b).