Editorial office, Health Economics and Outcome Research , Brussels, Belgium
Perspective
The Socially Extended Market Institutions Approach to Economic Reasoning
Author(s): Aayla Birrani*
An active and interactive interpretation of market and economic thinking through the concept of cognitive institutions. We contest conventional wisdom that views markets as either processors of dispersed information or as market structures. The alternate idea is based on the idea that the market functions as a "scaffolding institution." We go beyond the idea of scaffolding by introducing the idea of the market as a "socially extended" cognitive institution. This enactive perspective of economic reasoning views the market participant in terms of social interaction processes and relational autonomy. Markets can be thought of as "highly scaffolded," where powerful constraints and incentives reliably guide actors' behaviour. They are more than just passive information processing devices. Based on this concept, we propose that markets develop through ongoi.. View More»
DOI:
10.37532/heor.22.8.9.6
