TY  - CHAP
AB  - The phenomenon of the ethnically homogeneous middleman group (EHMG) or ethnic trade network – the Chinese merchants in Southeast Asia, the Gujarati-Indians merchants in East Africa, the Jewish merchants in medieval Europe, etc. – is ubiquitous in stateless societies, pre-industrial and in less-developed economies (Curtin, 1984). Neoclassical (Walrasian) theory of exchange cannot explain the existence of merchants let alone the phenomenon of the EHMG. This is because Neoclassical theory of exchange is a static theory of frictionless, perfectly competitive markets with the Walrasian auctioneer costlessly coordinating the plans of anonymous producers (sellers) and consumers (buyers) so as to achieve equilibrium. There is no role for merchants in the Neoclassical theory of exchange.
VL  - 9
SN  - 978-1-84950-465-2, 978-0-76231-378-5/1529-2134
DO  - 10.1016/S1529-2134(06)09007-7
UR  - https://doi.org/10.1016/S1529-2134(06)09007-7
AU  - Landa Janet T.
ED  - Elisabeth Krecké
ED  - Carine Krecké
ED  - Roger G. Koppl
PY  - 2006
Y1  - 2006/01/01
TI  - Austrian Theory of Entrepreneurship Meets the Social Science and Bioeconomics of the Ethnically Homogeneous Middleman Group
T2  - Cognition and Economics
T3  - Advances in Austrian Economics
PB  - Emerald Group Publishing Limited
SP  - 177
EP  - 200
Y2  - 2024/04/24
ER  -