Description
Book SynopsisUnveils a theory of the market economy. Arguing that most economists use overly abstract models of how the economy operates, this book seeks an empirically based alternative. It creates mathematical models of how the economy works and how the interaction of its sectors creates mutual protection from the uncertainties of business.
Trade ReviewWinner of the 2004 Viviana Zelizer Distinguished Book Award in Economic Sociology, American Sociological Association "This is an original and stimulating work by an eminent sociologist who undertakes to analyze the structure and workings of economic markets."--W. J. Baumol, Journal of Economics "This is a work of remarkable scope and ambition. Harrison White is one of the leading lights of 'new economic sociology'."--Costas Lapavitsas, Enterprise & Society
Table of ContentsList of Figures ix List of tables xi Preface xiii Acknowledgments xv 1. Introduction 1 PART ONE: FIRMS EMBED INTO A MARKET 2. Profiles for a Market 27 3. Market plane 49 4. Quality and Unraveling 78 5. Signaling and PARADOX 95 PART TWO: MARKETS COMPETE, TOO 6. Substitutability Extended 121 7. Market Space 139 8. Estimating Qualities and Parameters 158 PART THREE: MARKETS ALONG NETWORKS 9. Facing Upstream or Down 177 10. Embed and Decouple 200 11. Suppressing Market Realities 221 PART FOUR: MARKETS AND FIRMS OVER TIME 12. Investing across markets 245 13. Strategic Moves and Market Evolution 266 14. Contrasting Research Perspectives 284 15. Business Cultures 299 16. Conclusion 317 Appendix. On Computations 331 Glossary of Symbols 339 Notes 342 References 353 Index 381
