Artikel
Markets and the Meaning of Flexibility
Markets are reputed to be more flexible than other economic arrangements, though the meaning of flexibility remains vague. For orthodox economists, it has a narrow interpretation based on relative price movements within equilibrating markets, leading to allocative efficiency. For heterodox economists and other social scientists, it goes beyond market-clearing equilibrium to take in price setting, non-price adjustments and the institutional background. This paper examines the meaning of flexibility as applied to markets and evaluates the main alternative views. The orthodox approach, which informs most economic commentary, offers a deceptive story of a complete market system with rapid price changes. Actual economies are flexible not through prices alone but through various adjustment methods.
- Sprache
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Englisch
- Erschienen in
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Journal: Economic Issues ; ISSN: 1363-7029 ; Volume: 20 ; Year: 2015 ; Issue: 2 ; Pages: 45-65 ; Nottingham: Nottingham Trent University
- Klassifikation
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Wirtschaft
Current Heterodox Approaches: Historical; Institutional; Evolutionary
Market Structure, Pricing, and Design: General
Market Structure, Firm Strategy, and Market Performance: General
- Thema
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markets
flexibility
price setting
relational trade
economic evolution
- Ereignis
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Geistige Schöpfung
- (wer)
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Jackson, William A.
- Ereignis
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Veröffentlichung
- (wer)
-
Nottingham Trent University
ZBW - Leibniz Information Centre for Economics
- (wo)
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Nottingham
- (wann)
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2015
- Handle
- Letzte Aktualisierung
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10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Jackson, William A.
- Nottingham Trent University
- ZBW - Leibniz Information Centre for Economics
Entstanden
- 2015
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