Bazaars of the Thousand and one nights


Ozveren E.

EUROPEAN JOURNAL OF THE HISTORY OF ECONOMIC THOUGHT, vol.14, no.4, pp.629-655, 2007 (Journal Indexed in SSCI) identifier identifier

  • Publication Type: Article / Article
  • Volume: 14 Issue: 4
  • Publication Date: 2007
  • Doi Number: 10.1080/09672560701695489
  • Title of Journal : EUROPEAN JOURNAL OF THE HISTORY OF ECONOMIC THOUGHT
  • Page Numbers: pp.629-655

Abstract

A re-reading of the Thousand and One Nights in light of economic thought is attempted here. These stories characterize a bazaar economy as the dark side of medieval economics. The process-view of the bazaar is discussed in relation to Smith, Walras and the Austrian School. The tacit notions of 'market price' and 'natural price' are touched upon. Auctions are then elaborated with reference to Bohm-Bawerk. Moreover, the role of asymmetric information as a recurrent theme is interpreted in relation with Akerlof's approach. Finally, the collective function of the tales in fostering confidence in a less-than-well instituted bazaar economy is emphasized.