“Markets are useful instruments for organizing productive activity. But unless we want to let the market rewrite the norms that govern social institutions, we need a public debate about the moral limits of markets.”

— Michael J. Sandel , book Justice: What's the Right Thing to Do?

Source: Justice: What's the Right Thing to Do?

Last update June 3, 2021. History

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Michael J. Sandel 21

American political philosopher 1953

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“We shall here define the market as a set of social institutions in which a large number of commodity exchanges of a specific type regularly take place, and to some extent are facilitated and structured by those institutions. Exchange as defined above, involves contractual agreement and the exchange of property rights, and the market consists in part of mechanisms to structure, organize and legitimate these activities. Markets, in short, are organized and institutionalized exchange. Stress is placed on those market institutions, which help to both regulate and establish a consensus over prices and, more generally, to communicate information regarding products, prices, quantities, potential buyers and potential sellers.”

Geoffrey Hodgson (1946) British economist

Source: Economics and Institutions, 1988, p. 174

“Norms guide market-oriented behaviors within organizations. More specifically, we focus on market orientation as the concrete object of these norms. If, for example, the members of an organization share the value of openness of internal communication, a specific norm related to that value is the openness of market-related internal communication. As another example, the norm of market-related responsibility of employees is a specification of the more general shared value of responsibility of the employees… The difference between values and norms is that norms guide behaviors in a specific context, whereas values represent general guidelines.”

Christian Homburg (1962) German academic

Source: "A multiple-layer model of market-oriented organizational culture", 2000, p. 451

“The forms of social organization produced the market, not the reverse… Instead of markets calling forth efficient forms of social organization, political and social interactions produced the structuring of sociologically effective markets.”

Neil Fligstein (1951) American sociologist

Source: The transformation of corporate control, 1993, p. 300

“The social Commons is where we generate the good will that allows a society to cohere as a cultural entity. Markets and governments are an extension of a people’s social identity. Without the continuous replenishment of social capital, there would be insufficient trust to enable markets and governments to function, yet we pejoratively categorize the social Commons as “the third sector” as if it were less important than markets or governments.”

Jeremy Rifkin (1945) American economist

The Zero Marginal Cost Society: The Internet of Things, the Collaborative Commons, and the Eclipse of Capitalism (2014)

“Some institutions within the market are associated with exchange and contracts in an elemental sense (such as the legal system and the customs which govern the contract)… These would be present even if a formal market did not exist. Other institutions are specifically to do with the development of a market and the coordination of a large number of exchanges in an organized manner.”

Geoffrey Hodgson (1946) British economist

Source: Economics and Institutions, 1988, p. 174

“A market is a group of buyers and sellers of a particular good or service. The buyers as a group determine the demand for the product, and the sellers as a group determine the supply of the product. Markets take many forms. Some markets are highly organized, such as the markets for many agricultural commodities. In these markets, buyers and sellers meet at a specific time and place, where an auctioneer helps set prices and arrange sales. More often, markets are less organized.”

N. Gregory Mankiw (1958) American economist

Source: Principles of Economics (1998-), Ch. 4. The Market Forces of Supply and Demand; p. 66

“There is something paradoxical in the fact that by establishing an export market we subject our entire domestic production to the vagaries of that market.”

Benjamin Graham (1894–1976) American investor

Part IV, Chapter XIV, Farm Problems and Remedies, p. 172
Storage and Stability (1937)

“I use the metaphor "markets as politics" to create a sociological view of action in markets. I develop a conceptual view of the social institutions that comprise markets, discuss a sociological model of action in which market participants try to create stable worlds and find social solutions to competition, and discuss how markets and states are intimately linked. From these foundations, I generate propositions about how politics in markets work during various stages of market development-- formation, stability, and transformation. At the formation of markets, when actors in firms are trying to create a status hierarchy that enforces noncompetitive forms of competition, political action resembles social movements. In stable markets, incumbent firms defend their positions against challengers and invaders. During periods of market transformation, invaders can reintroduce more fluid social-movement-like conditions.”

Neil Fligstein (1951) American sociologist

Source: Markets as politics: A political-cultural approach to market institutions, 1996, p. 656; Abstract

“It is because prices are stable, and are perceived by agents to be in equilibrium, that the task facing market institutions is less daunting in this respect. However, market institutions may still have many other functions, such as providing information regarding quality and the location of potential buyers and sellers, and regulating both the product and the entrants to the market. In fact, a crucial function may be more subtle; by ordering trade under the aegis of some institution, the price and quality of the product may be legitimized at its given level. There is a kind of stamp of institutional approval which may contribute in a powerful manner to the emergence of price norms…..”

Geoffrey Hodgson (1946) British economist

Source: Economics and Institutions, 1988, p. 185-6

“It is much easier to organize control over one industry serving many markets than over one market served by the products of several industries.”

Joan Robinson (1903–1983) English economist

Source: Contributions to Modern Economics (1978), Chapter 15, 'Imperfect Competition' Revisited, p. 167

“Markets are useful instruments for organizing productive activity. But unless we want to let the market rewrite the norms that govern social institutions, we need a public debate about the moral limits of markets.”

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Michael J. Sandel 21

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