Predatory practices or reasonable values? American institutionalists on the nature of market transactions

American institutionalist economists have critiqued market transactions since the 19th century, and this reflects upon the concept of higgling. Higgling originated as the process of bargaining in a marketplace, and some economists have expanded it to cover modern institutional systems. However, critics such as Thorstein Veblen and John R. Commons found flaws in markets. Veblen debunked the idea of natural equilibrium arising in markets, while Commons' transaction basis included other factors in negotiations.