The social construction of the market

Although Berger and Luckmann do not specifically discuss the market, they would undoubtedly agree that the market is socially constructed. Indeed, the market is a product of social action that has an objective and subjective reality. Inspired by Berger and Luckmann's work, this paper will describe the social construction of the market. Specifically, it will focus on the Austrian understanding of the market. It is my contention that the Austrians have articulated a 'sociology of the market' that is consistent with Berger and Luckmann's approach. Keywords Berger * Social construction * Markets * Austrian economics
... society [is] part of a human world, made by men, inhabited by men, and, in turn, making men, in an ongoing historical process. [Berger and Luckmann 1966: 189] The [...]