A core tenet of Schotter’s work is the idea that markets do not exist in a vacuum. While classical theory assumes that prices are the only relevant information, Schotter argues that social institutions—rules, norms, and organizations—are essential for solving coordination problems. In his view, an institution is a regularity in social behavior that is agreed upon by all members of a society, specifies behavior in specific recurrent situations, and is either self-policed or policed by external authority.
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While acknowledging the power of the market, Schotter provides a balanced view, often citing the limitations of the "free market argument". He argues that while markets are efficient in many scenarios, they are not a panacea. For complex social problems, non-market institutions coordinated by the state may be essential to achieve outcomes that the market alone cannot provide. New York University Conclusion A core tenet of Schotter’s work is the