ABSTRACT
The economy embodied in institutions that cause individual choices to give rise to interdependent movements that constitute the economic process. Assuming that the choice is induced by an insufficiency of the means, the logic of rational action turns into that variant of the theory of choice called formal economics. Reciprocity, then, assumes for a background symmetrically arranged groupings; redistribution is dependent upon the presence of some measure of centricity in the group; exchange in order to produce integration requires a system of price-making markets. The market is the generating institution of which trade and money are the functions. From the substantive point of view, trade is a relatively peaceful method of acquiring goods which are not available on the spot. The best way of approaching the world of market institutions appears to be in terms of "market elements.".
