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[Revised entry by Lisa Herzog on September 8, 2017. Changes to: Main text, Bibliography, notes.html] Markets are institutions in which individuals or collective agents exchange goods and services. They usually use money as a medium of exchange, which leads to the formation of prices. Markets can be distinguished according to the goods or services traded in them (e.g., financial markets, housing markets, labor markets), according to their scope (e.g., regional, national, international markets), or according to their structure (e.g., competitive markets, oligopolistic markets, monopolistic markets). From a normative perspective, markets are of...

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News source: Stanford Encyclopedia of Philosophy

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