Market (economics)

Opposed to the model of perfect competition, some models of imperfect competition were proposed:

• The monopoly model, already considered by marginalist economists, describes a profit maximizing capitalist facing a market demand curve with no competitors, who may practice price discrimination.
• Oligopoly is a
  market form in which a market or industry is dominated by a small number of sellers. The oldest model was the spring water duopoly of Cournot (1838) ^[20] in which equilibrium is determined by the duopolists reactions functions. It was criticized by Harold Hotelling for its instability, by Joseph Bertrand
  for lacking equilibrium for prices as independent variables.
• Edward Hastings Chamberlin, who wrote a pioneering book on the subject, Theory of Monopolistic Competition (1933). Joan Robinson published a book called The Economics of Imperfect Competition 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".^[21] 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".^[22]
  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.
• William Baumol provided in his 1977 paper^[23] the current formal definition of a natural monopoly where "an industry in which multifirm production is more costly than production by a monopoly".
• Baumol defined a
  exogenously
  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.

Market failure

Around the 1970s the study of

György Lukács, a founder of Western Marxism wrote about the essence of commodity-structure:.^[28]

Before tackling the problem itself we must be quite clear in our minds that

modern capitalism. Commodity exchange

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.

Drawing on concepts of institutional variance and path dependence, varieties of capitalism theorists (such as Peter Hall and David Soskice) identify two dominant modes of economic ordering in the developed capitalist countries:

• Coordinated market economies (such as
  private information
  inside networks, and more reliance on collaborative, as opposed to competitive, relationships to build the competencies of the firm
• Anglo-American liberal market economies: firms coordinate their activities primarily via hierarchies and competitive market arrangements.

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.

• Privatization: change of ownership from state monopoly to private hands
• Commercialization: pursuing efficiency, cost-benefit analysis and profit maximization by introducing prices in comparison with the bill system proportional to property value
• Hague
  declaration

In a period of fiscal and ideological crisis,

Introduction of metering can result in both restriction and increase of consumption with LRMC pricing being the regulator (Ofwat) preferred methodology.^[34]

Marketing

Market distribution

Paul Dulaney Converse and Fred M. Jones wrote:^[35]

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.

The methods of studying marketing are:

• Functional approach: services or functions performed, what goods they are performed upon, what middlemen perform them
• Commodity approach: what goods are marketed, what function are performed on them, what middlemen perform these functions
• Institutional approach: what institutions, or middlemen, are engaged in distribution, what functions they perform, what good they handle

• Consumer buying behavior
• Trade's behavior (
  retailing
  )
• Competitors position and behavior: industry structure, product choice,
  oversupply, pricing and innovation
• Governmental behavior: regulations

Borden concludes saying that marketing is more an art than a science. The marketer

When Jerry McCarthy and Phil Kotler proposed their alliterative litany – Product, Price, Place and Promotion – the marketing world was very different. Roaring out of World War II 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, Dr. Dichter assured us, perfectly predictably, given the proper stimulation.

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:

• Consumer: do not focus on product, study consumer wants and needs
• Cost: forget price, instead understand the consumer cost to satisfy that want or need, even driving time versus time spent with family matters
• Communication: forget promotion, instead focus on communication and create dialogue
• Convenience: forget place, instead think about convenience to buy, know each market subsegment

Sociology

Economic rationality

Max Weber defines the measure of rational economic action as the:^[41]

1. Systematic distribution of utilities between present and future
2. Systematic distribution of utilities between various potential uses
3. Systematic production of utilities by
   manufacture
   or transportation by the owner of the means of production
4. Systematic acquisition by agreement of the powers of control and disposal over utilities, mainly by establishing
   corporate
   groups or by exchange

Opposition of interests is typically resolved by bargaining or by competitive biding:

1. Utilities, goods and labour are at the disposal of the individual without interference from others
2. Transportation can be seen as a part of the process of production
3. It is indifferent whether the individual is prevented from using force to interfere in the controls of others by means of a
   moral standards
4. Competition for the means of production may exist under various conditions
5. Anything which may be transferred between individuals by compensation may be an object of exchange
6. Conditions of exchange may be traditional, conventional (exchange of gifts) or rational (motivated by profit or need)
7. Regulations may threaten the source of supply

Money may classified as:

• Coined money is called "free money" or "market money" when it is coined by the mint without limit of amount
• It is called "limited" money or "administrative money" if the issue of coinage if subject to a corporate group
• It is called regulated money if the kind and amount of coinage is subject to rules

Weber defines:

• Market situation: all the opportunities of exchanging a good for money that are known by the participants
• Marketability: degree of regularity that a good tends to be an object of exchange in the market
• Market freedom: degree of autonomy enjoyed by the participants in price determination and competition
• Market regulation: restrictions on marketability and market freedom, done by tradition, convention, law, voluntary action

Weber defines "formal rationality of economic action" to designate the extent of quantitative

Michel Callon 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.^[45] This abstraction proceeds in three layers:

• Sellers, buyers, platform goods
• Competition
• Institutions

The interface market model thus establishes that:

1. Agents and goods are distinguable
2. A transfer is a communication of property rights
3. Competition develops between agents
4. A transaction consists of monetary payments

The limitations of this model are:

1. They do not take into account the material composition of market activities
2. 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
3. They create unrealism through the concepts of aggregated supply and demand and bring about difficulties in comprehending the actual mechanisms for establishing prices
4. They create a total impasse on the complex processes that result in a separation between agents and goods
5. The hypothesis that goods are platforms precludes us from recognizing they are processes
6. A description of agents that underestimates their diversity, heterogeneity, and plasticity

Callon offer the market agencements (heterogenous assemblage) model as an alternative, its features being:

1. Competition is the struggle to establish bilateral transactions that are never identical
2. Innovation is fundamental to commercial activity
3. Goods are processes
4. Proliferating agents, plastic identities and networking

Market agencements function through framing, that is action is oriented to a strategic goal (obtaining bilateral transactions), for example market oriented passiva(c)tion:

1. Detaches the good and liberates it from all those who participated in its elaboration and profiling
2. Renders it apt to provoke courses of actions and to contribute to their realization (that is, imbues it with uses)
3. Ensures that its behavior is at least to a certain extent controllable and predictable
4. Organizes the attribution and transfer of
   property rights

Callon identifies the activities necessary for framing:

1. Rendering goods pass(act)ive
2. Activating agencies capable of evaluating and transforming these goods
3. Organizing their encounter
4. Ensuring the attachment of the goods to the agencies
5. Obtaining consent to pay
6. Setting a price and compelling payment–actions that combine and interweave with one another, with possible feedback loops and iterations

Embeddedness

Alfred Marshall wrote:^[19]

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

religious

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.

According to Max Weber the spirit of capitalism as preached by

Embeddedness expresses the idea that the economy is not autonomous but subordinated to politics, religion, and social relations. Polanyi's use of the term suggests the now familiar idea that market transactions depend on trust, mutual understanding, and legal enforcement of contracts.^[47] Michel Callon's concept of framing provides a useful schema: 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 network 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.^[48] During the 20th century two common forms of critique were made:

• Categories of 19th century
  social constructions
• These categories were artificial and not universal

These are common themes in interpretive

In social systems theory (cf. Niklas Luhmann), 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.^[51]

Economic geography

Wilhelm Launhardt, a location theorist, wrote:^[52]

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

density of population

, 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.

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

Problematic for market formalism is the relationship between formal capitalist economic processes and a variety of alternative forms, ranging from semi-

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, Bronisław Malinowski, and his French compatriot, Marcel Mauss, on the nature of gift-giving exchange (or reciprocity) 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:^[57] for example Trobianders described by Malinowski deviate from rational self-interested individual.^[58]

Bronisław Malinowski's path-breaking work, Argonauts of the Western Pacific (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 trinkets?". He begins by describing trade in the South Sea:^[58]

The coastal populations of the

South Sea Islands, 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 canoes, 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 New Guinea, 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 trade routes are to be found established between the various tribes. A most remarkable form of intertribal trade is that obtaining between the Motu of Port Moresby and the tribes of the Papuan Gulf. The Motu sail for hundreds of miles in heavy, unwieldy canoes, called lakatoi, which are provided with the characteristic crab-claw sails. They bring pottery and shell

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.

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 Ethnography 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.

In the 1920s and later, Malinowski's study became the subject of debate with the French anthropologist, Marcel Mauss, author of

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.[60] He argued these gifts were a "total prestation" as they were not simple, alienable commodities to be bought and sold, but like the "Crown jewels" 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, Jonathan Parry has demonstrated that Mauss was arguing that the concept of a "pure gift" given altruistically only emerges in societies with a well-developed market ideology.^[60]

Rather than emphasize how particular kinds of objects are either gifts or commodities to be traded in restricted spheres of exchange, Arjun Appadurai 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 "singularized" (made unique, special, one-of-a-kind) and so withdrawn from the market. A marriage ceremony that transforms a purchased ring into an irreplaceable family heirloom is one example whereas the heirloom, in turn, makes a perfect gift.

Mathematical modeling

Although arithmetic 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 social statistics. Business intelligence is also dated to the 19th century, but it was with the rise of the computer that business analytics exploded. More recent techniques involve data mining and marketing engineering.

Size parameters

Market size can be given in terms of the number of buyers and sellers in a particular market^[61] 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 market value 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 United Nations 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).^[62]

• 
  United States home sales (blue)
• 
  Book sales in the United Kingdom
• 
  Size and growth of the legal outsourcing market
• 
  Global mobiles applications market size

See also

• Grocery store
• Justice and the Market
• Knowledge market
• Market economy
• Market engineering
• Market information systems
• Market microstructure
• Market town
• Shopper marketing

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Further reading

Look up market (economics) in Wiktionary, the free dictionary.

Wikiquote has quotations related to Market.

Wikimedia Commons has media related to Market (economics).

Library resources about
Market

---

• Resources in your library

• Pindyck, Robert S. and Daniel L. Rubinfeld, Microeconomics, Prentice Hall 2012.
• Frank, Robert H., Microeconomics and Behavior, 6th ed., McGraw-Hill/Irwin 2006.
• Kotler, P. and Keller, K.L., Marketing Management, Prentice Hall 2011.
• Baker, Michael J. and Michael Saren, Marketing Theory: A Student Text, Sage 2010. online.
• Aspers, Patrik, Markets, Polity Press 2011. online.
• Bauer, Leonard and Herbert Matis (1988) From moral to political economy: The Genesis of social sciences, History of European Ideas 9 (2), 125–143.
• Nathaus, Klaus and David Gilgen (Eds.), Change of Markets and Market Societies: Concepts and Case Studies. Historical Social Research 36 (3), Special Issue, 2011.