Encyclopedia of Early Modern History Online

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Market
(8,318 words)

1. General remarks

1.1. Definition

In modern economic theory, the term market refers to the encounter of supply with demand for the purpose of exchange. A “perfect” or “complete” market – in contrast to a monopoly market – exists when the market price cannot be influenced by individual suppliers or demanders. This equilibrium price is considered efficient; it is possible in the absence of practical or seasonal preferences on the part of c…

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Hesse, Jan-Otmar, Reith, Reinhold and Kopsidis, Michael, “Market”, in: Encyclopedia of Early Modern History Online, Editors of the English edition: Graeme Dunphy, Andrew Gow. Original German Edition: Enzyklopädie der Neuzeit. Im Auftrag des Kulturwissenschaftlichen Instituts (Essen) und in Verbindung mit den Fachherausgebern herausgegeben von Friedrich Jaeger. Copyright © J.B. Metzlersche Verlagsbuchhandlung und Carl Ernst Poeschel Verlag GmbH 2005–2012. Consulted online on 18 November 2019 <http://dx.doi.org/10.1163/2352-0272_emho_COM_023717>
First published online: 2015
First print edition: 20190801



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