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The Market

Matthew Watson

Hardback
£60.00 | $90.00
ISBN 9781911116608
Paperback
£18.99 | $27.00
ISBN 9781911116615
e-book
£18.99 | $27.00
ISBN 9781911116622
192 pages | 234 x 156mm | December 2017
 

Reviews

"Watson has provided a history of the economic ideas that form the basis of modern economics, brilliantly explaining where many of the economic laws and concepts central to the idea of the market originated . . . there are very few texts on the market that are as good as this." – Huw Macartney, University of Birmingham


Description

We have become accustomed to economists and politicians talking about “market forces” as if they are immutable laws of the universe. But what exactly is “the market”? Originally an abstract idea from economic theory – the locus of supply and demand – it has come to inform the way we speak about our relationship to the economic system as a whole.

Matthew Watson unpacks the concept to ask what does it really mean to allow ourselves to submit to market forces. And does economic theory really provide insights into the market institutions that shape our everyday life? In tackling these questions, the book provides a major contribution to a deeper appreciation of the dominant economic language of our time, challenging the idea that we can simply defer to the “logic of the market”.


Contents

1. Introduction
2. The market concept in triplicate
3. Symmetrical market relationships: Adam Smith's impartial spectator construct
4. Demand and supply in partial equilibrium: the Marshallian cross diagram
5. Vectors of market-clearing prices: the Walrasian auctioneer
6. The political rhetoric of "the market"
7. Conclusion


Author Information

Matthew Watson is Professor of Political Economy in the Department of Politics and International Studies at the University of Warwick, UK. Since October 2013 he has been an ESRC Professorial Fellow engaged on the project, 'Rethinking the Market'. He has a long and distinguished publishing record, including more than thirty peer-reviewed journal articles on various issues in the history of economic thought, economic historiography and political economy. His books include Foundations of International Political Economy (2005), The Political Economy of International Capital Mobility (2007) and Uneconomic Economics and the Crisis of the Model World (2014).

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