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:
“After all, it is putting a very high price on one’s conjectures to have a man roasted alive because of them.”
—Michel de Montaigne (1533–1592)
“In a universe that is all gradations of matter, from gross to fine to finer, so that we end up with everything we are composed of in a lattice, a grid, a mesh, a mist, where particles or movements so small we cannot observe them are held in a strict and accurate web, that is nevertheless nonexistent to the eyes we use for ordinary living—in this system of fine and finer, where then is the substance of a thought?”
—Doris Lessing (b. 1919)