In economics, a price system is any economic system that affects its distribution of goods and services with prices and employing any form of money. Except for possible remote and primitive communities, all modern societies use price systems to allocate resources. However, price systems are not used exclusively for all resource allocation decisions.
Read more about Price System: Fixed Price Versus Free Price Systems, History, Friedrich A. Hayek On The Price System
Famous quotes containing the words price and/or system:
“Who makes ends meet, who’s taking the knock,
Government tariffs, wages, price of stock.
Smoke hangs under the light.”
—Philip Larkin (1922–1986)
“... the yearly expenses of the existing religious system ... exceed in these United States twenty millions of dollars. Twenty millions! For teaching what? Things unseen and causes unknown!... Twenty millions would more than suffice to make us wise; and alas! do they not more than suffice to make us foolish?”
—Frances Wright (1795–1852)