I was reading over a Neoclassical answer to this question, and the answer is as follows:
Some of the institutional requirements for markets include,- Individualist Institutions of Property and Decision Making- Social Institutions of Trust- Infrastructure for the Smooth Flow of Goods and Information- Money as a Medium of Exchange
Under Austrian Economics, what would the answer be?
- Individuals
- Property Rights
- Voluntary Contract
- An Object/Service/Commodity/Commodity Money to Exchange
I think that the institutional requirements for Austrians are the same than for neoclassics, the major difference is that neoclassics think that the institutions should be provided by the state and Austrians think they should be provided by the markets.