<p>Specific types of markets can be considered institutions, but market as an umbrella term not.</p>
<p>For example, Acemoglu and Robinson use example of free labor market as an example of institution, see for example their work Why Nations Fail, (however, another example of an institution might be unfree labor market dominated by caste system).</p>
<p>Market system is used more loosely to just refer to economic system or portion of economic system operating using markets.</p>

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2024-03-07T17:14:21.323Z
2024-03-07T17:14:21.323Z
1muflon1
<p>Can the concept of the market be considered as a &quot;system&quot; or not? What about &quot;institution&quot;?
What are the scientific articles in this field?</p>

<philosophy-of-economics>
Market as a system versus Market as an institution
Yavar Hoseini
# Market as a system versus Market as an institution

(Asked by: username_0 on 2024-03-07)

Can the concept of the market be considered as a "system" or not? What about "institution"?
What are the scientific articles in this field?

**Tags:** philosophy-of-economics

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## 1 answers

### Answer by username_1 on 2024-03-07. Score: 1

Specific types of markets can be considered institutions, but market as an umbrella term not.

For example, Acemoglu and Robinson use example of free labor market as an example of institution, see for example their work Why Nations Fail, (however, another example of an institution might be unfree labor market dominated by caste system).

Market system is used more loosely to just refer to economic system or portion of economic system operating using markets.


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