Market or Markets

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Abstract

The purpose of this contribution is related to our own view of the Austrian market approach. We first point out how Menger, Wieser, Hayek (to a more limited extent) and Lachmann successively made various analytical achievements which contributed to the emergence of an Austrian view of markets as institutions. We then characterize the original features of this notion and show why and how it allows a better understanding of the specificities of empirical markets and their dynamics.