ABSTRACT
Markets are peculiar as institutions in that they combine a stable structure with an open, fluid population of participants. The market endures as a setting for trade, but the traders are seldom the same across any two periods. A market can evolve in the items traded, the method of payment and other details of trade. Different ways of interpreting markets emphasise their structure or diversity, though both are essential. Economic theorists have traditionally acknowledged the diversity of markets by appealing to different market types according to the items traded. Markets for goods, services, labour, housing and other items are awarded separate treatment in their own theoretical enclaves. Housing and property markets rest upon standard sales contracts, but the expense and intricacy of the items traded may cause contractual difficulties. Markets for stocks, shares, bonds and other financial assets are thoroughly organised in formal settings on competitive lines.
