The Infusion of Relational Market Obligations into the Austrian Agenda—Some Lessons Learned from Economic Sociology

The Infusion of Relational Market Obligations into the Austrian Agenda—Some Lessons Learned... Given its dictum of market equilibrium, economics in general obviously does poorly in shouldering market dynamics. Pervading obligatory traits of the market (other than mere dyadic contracting) is yet another area where not much attention is devoted. Whereas the Austrian agenda fills the first of these voids in a most sophisticated manner, its current discourse appears as oblivious concerning the manner in which market exchange transforms into relational interconnected obligations. That is to say, exchange is hardly understood as an indispensable facet of durable market obligations such as relationships 'constituting the market', but exclusively as immediate entrepreneurial arbitrage. Apart from an outright peculiar failure to recognize some of its own roots in this regard this omission unnecessarily delimits the manner in which Austrians can proceed and deepen their market analysis. The principal idea of this paper is to scrutinize the manner in which relational market obligations can be introduced into Austrian reasoning by drawing on ideas from within economic sociology. Max Weber's dictum on market openness takes on a particular role in this regard. An adjacent contribution strived for is to let this scrutiny foreshadow the manner in which such a partial reconciliation of market ideas from within economic sociology and Austrian economics could proceed. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

The Infusion of Relational Market Obligations into the Austrian Agenda—Some Lessons Learned from Economic Sociology

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Publisher
Kluwer Academic Publishers
Copyright
Copyright © 2004 by Kluwer Academic Publishers
Subject
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1023/B:RAEC.0000011339.37957.49
Publisher site
See Article on Publisher Site

Abstract

Given its dictum of market equilibrium, economics in general obviously does poorly in shouldering market dynamics. Pervading obligatory traits of the market (other than mere dyadic contracting) is yet another area where not much attention is devoted. Whereas the Austrian agenda fills the first of these voids in a most sophisticated manner, its current discourse appears as oblivious concerning the manner in which market exchange transforms into relational interconnected obligations. That is to say, exchange is hardly understood as an indispensable facet of durable market obligations such as relationships 'constituting the market', but exclusively as immediate entrepreneurial arbitrage. Apart from an outright peculiar failure to recognize some of its own roots in this regard this omission unnecessarily delimits the manner in which Austrians can proceed and deepen their market analysis. The principal idea of this paper is to scrutinize the manner in which relational market obligations can be introduced into Austrian reasoning by drawing on ideas from within economic sociology. Max Weber's dictum on market openness takes on a particular role in this regard. An adjacent contribution strived for is to let this scrutiny foreshadow the manner in which such a partial reconciliation of market ideas from within economic sociology and Austrian economics could proceed.

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Oct 18, 2004

References

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