Economic Morphology The

Economic Morphology The

Economic Morphology, the classification and study of the different pure market forms of winch actual markets may be composed. A small farmer may use his own labour and consume part of his own produce: to this extent his economic activities are representative of a subsistence economy with no trade. He may swap equipment and produce with neighbouring farmers and mirror a simple barter economy. He may sell vegetables and buy seed in highly competitive markets: he may sell some output (e.g. liquid milk) and buy some inputs (e.g. electricity) in monopolistic markets: he may sell some (e.g. fat stock) and buy (labour) in imperfectly competitive markets.

The construction and study of the properties of abstract 'models' of the main types of market enables economists to see how general principles are modified in their application to each situation. The apparent complexities of real life are thus explained. '

ExamplesEconomic Times - Economic Times Gujarati


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