The paper introduces a new simulation model of market dynamics by integrating several concepts of evolutionary economics. In the course of market evolution various changes take place of which the emergence of consumers' preferences and of the knowledge that is needed to meet these preferences...

This paper revisits the ”move to the market” hypothesis proposed by Malone et al. (1987) and argues that, although compatible with empirical results, the theoretical basis of this hypothesis is flawed since no clear distinction is made between coordination mechanisms and forms of governance....