Market economy
A market economy is economy in which the prices of the products and services are chosen in a free price system that is decided by supply and demand.[1] It began around the late 18th century, after the Industrial Revolution.[2] It has been praised and widely used because of its efficiency (ability to work well). However, it has also been criticized for its selfishness and the difference between the rich and poor.[2] In the real world, market economies are not purely market economies, as societies and governments control them in some ways instead of market forces.[3][4] The expression free-market economy is sometimes used as the same as market economy.[5] Economist Ludwig von Mises said that a market economy is still a market economy even if the government joins in in pricing.[6]
References
- ↑ Altvater, E. (1993). The Future of the Market: An Essay on the Regulation of Money and Nature After the Collapse of "Actually Existing Socialism. Verso. p. 57.
- ↑ 2.0 2.1 Yoon, Suk-hee (2009). Chul-hwan Kang (ed.). 완자 중등 사회 3 (in Korean). South Korea: Visang. p. 70. ISBN 978-89-5752-815-0.
{{cite book}}:|access-date=requires|url=(help) - ↑ Altvater, E. (1993). The Future of the Market: An Essay on the Regulation of Money and Nature After the Collapse of "Actually Existing Socialism. Verso. pp. 237–238.
- ↑ Tucker, Irvin B. p 491. Macroeconomics for Today. West Publishing. p. 491
- ↑ F. A. Hayek, The Fatal Conceit: The Errors of Socialism (University of Chicago Press, 1991), p. 117.
- ↑ "XXVII. THE GOVERNMENT AND THE MARKET: The Intervention". mises.org. Retrieved 14 July 2010.
