Title
Factor markets, actors, and affordances Factor markets, actors, and affordances
Author
Faculty/Department
Faculty of Applied Economics
Publication type
article
Publication
Oxford ,
Subject
Economics
Source (journal)
Industrial and corporate change. - Oxford
Volume/pages
25(2016) :1 , p. 133-147
ISSN
0960-6491
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
In this article, we challenge the notion of the efficiency of factor markets and provide an alternative. We specifically identify both the environment- and actor-related origins of heterogeneity in markets. We first discuss how environments have an exaptive nature, where new uses and possibilities emerge continuously and are poised for the taking. We then highlight how actor perceptions result in heterogeneous outcomes, and how the identification of novel affordancesnew uses or functionsfor factors is a central origin of heterogeneity. We also discuss the existence of actor- and environment-related pressures toward homogeneity and seeming market efficiency. In conclusion, we highlight the implications of our arguments for the strategy and innovation debate, and for our understanding of the nature of markets and economic activity.
E-info
https://repository.uantwerpen.be/docman/iruaauth/d901c9/130132.pdf
Handle