A market is a group of buyers and sellers of a particular good or service. The buyers as a group determine the demand for the product, and the sellers as a group determine the supply of the product. Markets take many forms. Some markets are highly organized, such as the markets for many agricultural commodities. In these markets, buyers and sellers meet at a specific time and place, where an auctioneer helps set prices and arrange sales. More often, markets are less organized.
Greg MankiwRelated topics
agricultural good less market meet place service set specific takeRelated quotes
Our world is not an optimal place, fine tuned by omnipotent forces of selection. It is a quirky mass of imperfections, working well enough (often admirably); a jury-rigged set of adaptations built of curious parts made available by past histories in different contexts. [...] A world optimally adapted to current environments is a world without history, and a world without history might have been created as we find it. History matters; it confounds perfection and proves that current life transformed its own past.
Stephen Jay Gould
Conservatism, though a necessary element in any stable society, is not a social program; in its paternalistic, nationalistic and power adoring tendencies it is often closer to socialism than true liberalism; and with its traditionalistic, anti-intellectual, and often mystical propensities it will never, except in short periods of disillusionment, appeal to the young and all those others who believe that some changes are desirable if this world is to become a better place.
Friedrich Hayek
We can now determine, easily and relatively cheaply, the detailed chemical architecture of genes; and we can trace the products of these genes (enzymes and proteins) as they influence the course of embryology. In so doing we have made the astounding discovery that all complex animal phyla - arthropods and vertebrates in particular - have retained, despite their half-billion years of evolutionary independence, an extensive set of common genetic blueprints for building bodies.
Stephen Jay Gould
Even if the constants which economists wish to determine were less numerous, and the method of experiment more accessible, we should still be faced with the fact that the constants themselves are different at different times. The gravitation constant is the same always. But the economic constants-these elasticities of demand and supply-depending, as they do, upon human consciousness, are liable to vary. The constitution of the atom, as it were, and not merely its position, changes under the influence of environment.
Arthur Cecil Pigou
How have people come to be taken in by The Phenomenon of Man? We must not underestimate the size of the market for works of this kind, for philosophy-fiction. Just as compulsory primary education created a market catered for by cheap dailies and weeklies, so the spread of secondary and latterly tertiary education has created a large population of people, often with well-developed literary and scholarly tastes, who have been educated far beyond their capacity to undertake analytical thought.
Peter Medawar