The Market Markets as Information-Processing Devices and Social Institutions

 

The Market

Markets as Information-Processing Devices and Social Institutions

In this book the concept of the market is examined from an organization theory view, wherein markets are not so much understood as a supreme and original information-processing device, but as a social institution influenced and shaped by social and human interests. In this latter view, organizations not only respond to the market as an autonomous entity or an exogenous factor, but organization representatives actively seek to shape the market and its mechanisms in their own interests. The book provides a comprehensive overview and introduction to key issues pertaining to the market system such as price-setting, competition, information, market regulation, and the role of lobbyism and other forms of organizational rent-seeking shaping the rules of the market.