Harrison White also developed a perspective on market structure and competition in his 2002 book, Markets from Networks, based on the idea that markets are embedded in social networks. His approach is related to economic concepts such as uncertainty (as defined by Frank Knight), monopolistic competition (Edward Chamberlin), or signalling (Spence). This sociological perspective on markets has influenced both sociologists (see Joel M. Podolny) and economists (see Olivier Favereau).
Read more about this topic: Harrison White
Famous quotes containing the words markets and/or networks:
“When the great markets by the sea shut fast
All that calm Sunday that goes on and on:
When even lovers find their peace at last,
And Earth is but a star, that once had shone.”
—James Elroy Flecker (1884–1919)
“The great networks are there to prove that ideas can be canned like spaghetti. If everything ends up by tasting like everything else, is that not the evidence that it has been properly cooked?”
—Frederic Raphael (b. 1931)