Market Institutions

Abstract

Different aspects of market institutions are reviewed. The idea of the unregulated market is an ideal construction and all real markets are regulated in some way or another. Indicative of markets is the exchange between a supplier, which is supposed to make a profit by supplying a product or a service to a consumer who is to compensate the supplier for this service. To that end, discussions on which forms of markets are suitable for the promotion of innovations are reviewed. A conclusion is that complicated institutional conditions influence the mechanics of markets. Another is that different recently developed concepts in general point towards a trend of closer and closer ties between producers, suppliers, consumers and users.