Abstract:

Institutional economists, sociologists dealing with network theory of social action, pioneers in describing cognitive frames and shared mental models, each group claim that the Neoclassic school of economic thought needs to give up describing market dynamics exclusively within a single discipline. Acknowledging a market as a trans-disciplinary field of study, this paper offers a framework for the three models, institutions, networks and cognitive frames. Since actors use resources gained in one part of the framework to manipulate other parts, the reciprocal interrelations between these forces are crucial to explain market dynamics.