Nature of Market

Abstract

The simplest definition of Market is also the most common. In 1974, Robinson formalised it as follows: “The concept of the market in the economic theory … was primarily conceived as an exchange of goods for goods between individuals differing amongst themselves in their particular ‘endowments’ and their particular ‘tastes’ but standing in symmetrical economic relations to each other.” (Robinson, 1974/1980: 153).