Markets: Perspectives from Economic and Social Theory

This book argues that an extended range of theory, social as well as economic, can provide a better foundation for the portrayal of markets. It 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, including 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 could present a more effective challenge to orthodoxy if they were less disparate. The book adopts a fully interdisciplinary viewpoint expressed in accessible, non-technical language and will be of great interest to economists, social scientists, students, and policy-makers.

Format: Paperback / softback
Length: 250 pages
Publication date: 07 May 2019
Publisher: Taylor & Francis Ltd

Defining markets has always been a challenging task, despite their immense importance for economic theory and practice. Despite their significance, economists have often resorted to simplified axiomatic models or relied on piecemeal case studies to understand them. This book aims to provide a comprehensive and interdisciplinary approach to understanding markets, encompassing both social and economic aspects.

The book begins by examining the definition of markets and highlighting the inadequate treatment of markets in orthodox economic theory. It then explores the historical background of markets, including their development in pre-capitalist and capitalist eras.

To provide a better foundation for portraying markets, the book assesses various alternatives to orthodox theory. These alternatives are categorized as social/cultural, structural, functional, and ethical approaches. The book considers institutionalist accounts, Marxian views, network models, performativity arguments, field theories, Austrian views, and ethical notions of fair trade among others.

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. The book investigates possibilities for a more unified theoretical alternative to orthodoxy.

Unlike most studies of markets, this book adopts a fully interdisciplinary viewpoint, expressed in accessible and 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. This interdisciplinary approach allows for a comprehensive understanding of markets and their complexities.

Anyone seeking a broad critical survey of the theoretical analysis of markets will find this book useful. It will be of great interest to economists, social scientists, students, and policy-makers who are interested in exploring the multifaceted nature of markets and their implications for economic and social systems.

Weight: 416g
Dimension: 235 x 160 x 16 (mm)
ISBN-13: 9781138936843