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Bazaars of the Thousand and one nights
Date
2007-12-01
Author
Ozveren, Eyuep
Metadata
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A re-reading of the Thousand and One Nights in light of economic thought is attempted here. These stories characterize a bazaar economy as the dark side of medieval economics. The process-view of the bazaar is discussed in relation to Smith, Walras and the Austrian School. The tacit notions of 'market price' and 'natural price' are touched upon. Auctions are then elaborated with reference to Bohm-Bawerk. Moreover, the role of asymmetric information as a recurrent theme is interpreted in relation with Akerlof's approach. Finally, the collective function of the tales in fostering confidence in a less-than-well instituted bazaar economy is emphasized.
Subject Keywords
History and Philosophy of Science
,
Economics, Econometrics and Finance (miscellaneous)
,
General Arts and Humanities
URI
https://hdl.handle.net/11511/63777
Journal
EUROPEAN JOURNAL OF THE HISTORY OF ECONOMIC THOUGHT
DOI
https://doi.org/10.1080/09672560701695489
Collections
Department of Economics, Article