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Markets : perspectives from economic and social theory

Author: William A Jackson
Publisher: Abingdon, Oxon ; New York, NY : Routledge, 2019.
Series: Economics as social theory, 47.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Defining markets has never been an easy task. Despite their importance for economic theory and practice, they are hard to pin down as a concept and economists have tended to adopt simplified axiomatic models or rely on piecemeal case studies. This book argues that an extended range of theory, social as well as economic, can provide a better foundation for the portrayal of markets. The book first looks at the  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Jackson, William A., 1959-
Markets.
Abingdon, Oxon ; New York, NY : Routledge, 2019
(DLC) 2018059455
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: William A Jackson
ISBN: 9781315676593 1315676591 9781317385646 1317385640 9781317385639 1317385632 9781317385622 1317385624
OCLC Number: 1083152068
Description: 1 online resource
Contents: List of figuresList of tablesPrefacePart I: What are markets?1 Defining markets2 The orthodox approachPart II: Historical background3 Markets before capitalism4 Markets under capitalismPart III: Alternative perspectives on markets5 Social and cultural approaches6 Structural approaches7 Functional approaches8 Ethical approachesPart IV: Variety and context9 The diversity of markets10 Markets within the total economyBibliographyIndex
Series Title: Economics as social theory, 47.
Responsibility: William A. Jackson.

Abstract:

Defining markets has never been an easy task. Despite their importance for economic theory and practice, they are hard to pin down as a concept and economists have tended to adopt simplified axiomatic models or rely on piecemeal case studies. This book argues that an extended range of theory, social as well as economic, can provide a better foundation for the portrayal of markets. The book first looks at the definition of markets, their inadequate treatment in orthodox economic theory, and their historical background in the pre-capitalist and capitalist eras. It then assesses various alternatives to orthodox theory, categorised as social/cultural, structural, functional and ethical approaches. Among the alternatives considered are institutionalist accounts, Marxian views, network models, performativity arguments, field theories, Austrian views and ethical notions of fair trade. A key finding of the book is that these diverse approaches, valuable as they are, could present a more effective challenge to orthodoxy if they were less disparate. Possibilities are investigated for a more unified theoretical alternative to orthodoxy. Unlike most studies of markets, this book adopts a fully interdisciplinary viewpoint expressed in accessible, non-technical language. Ideas are brought together from heterodox economics, social theory, critical realism, as well as other social sciences such as sociology, anthropology and geography. Anybody seeking a broad critical survey of the theoretical analysis of markets will find this book useful and it will be of great interest to economists, social scientists, students and policy-makers.

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"For something that is increasingly shaping everybody's lives so profoundly, a market is surprisingly ill-understood. William Jackson provides as thorough an account and understanding of the key, yet Read more...

 
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