Institutional economics of the "Market Itself": an attempted answer to a complaint by Ronald Coase

Eine Institutionenökonomie des "Marktes selbst": der Versuch einer Antwort auf eine Kritik Ronald Coases

This paper is motivated by the remark of Coase that 'although economists claim to study the working of the market, in modern economic theory the market itself has an even more shadowy role than the firm.' It is argued that under conditions of positive transaction costs, incomplete foresight and bounded rationality - the conditions of the New Institutional Economics (NIE) - the institutional framew...