Difference between revisions of "Market"
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A place where transactions among agents take place, where an ''offer'' meets the ''demand'', and the ''price'' of things is set. | A place where transactions among agents take place, where an ''offer'' meets the ''demand'', and the ''price'' of things is set. | ||
| − | Markets are means of [[distribution]] of goods and services in capitalism. They serve as mechanisms of [[valuation]] (setting price for things) and [[allocation]] (signalling production based on demand and providing incentives). Markets play an important role in self-organization of capitalist economies (as opposed to planned economies -socialism or communism). | + | Markets are means of (re-)[[distribution]] of goods and services in capitalism. They also serve as mechanisms of [[valuation]] (setting price for things) and [[allocation]] (signalling production based on demand and providing incentives). Markets play an important role in self-organization of capitalist economies (as opposed to planned economies -socialism or communism). |
Well functioning markets suppose information symmetry among agents. | Well functioning markets suppose information symmetry among agents. | ||
| + | Market failure refers to a problem in the capitalist production and (re-)[[distribution]] system. | ||
| − | Commons-based peer production relies more on [[stigmergy]] for co-production and [[dissemination]] of solutions, which is a departure from capitalism. | + | |
| + | Commons-based peer production relies more on [[stigmergy]] for co-production and [[dissemination]] of solutions (embodied as material products or as services through shared infrastructure like Bitcoin for example), which is a departure from capitalism. | ||
=See also= | =See also= | ||
Revision as of 18:31, 9 August 2023
A place where transactions among agents take place, where an offer meets the demand, and the price of things is set.
Markets are means of (re-)distribution of goods and services in capitalism. They also serve as mechanisms of valuation (setting price for things) and allocation (signalling production based on demand and providing incentives). Markets play an important role in self-organization of capitalist economies (as opposed to planned economies -socialism or communism).
Well functioning markets suppose information symmetry among agents.
Market failure refers to a problem in the capitalist production and (re-)distribution system.
Commons-based peer production relies more on stigmergy for co-production and dissemination of solutions (embodied as material products or as services through shared infrastructure like Bitcoin for example), which is a departure from capitalism.
See also
- Open enterprise: bypasses traditional centralized and controlled processes, scarce monetary currency, and the labour market.
- Distribution
- Dissemination