Markets in everything
This article is about a catch-phrase. View other catch-phrases
The phrase markets in everything is a popular phrase in the economics blogosphere describing one or more of the following:
- The introduction of money and monetary payments in areas where such payments are not traditional, usually in an attempt to shape incentives.
- The fact that the law of supply, law of demand, and the more general idea that people respond to incentives, which are basic ideas of economics, apply even to situations where the transactions and interchanges between people do not involve money and are not customarily considered the domain of economics. For instance, the use of barter trading or reputation-based currencies may emerge even in cases where money cannot be introduced.