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:
“The price we pay for the complexity of life is too high. When you think of all the effort you have to put in—telephonic, technological and relational—to alter even the slightest bit of behaviour in this strange world we call social life, you are left pining for the straightforwardness of primitive peoples and their physical work.”
—Jean Baudrillard (b. 1929)
“Short of a wholesale reform of college athletics—a complete breakdown of the whole system that is now focused on money and power—the women’s programs are just as doomed as the men’s are to move further and further away from the academic mission of their colleges.... We have to decide if that’s the kind of success for women’s sports that we want.”
—Christine H. B. Grant, U.S. university athletic director. As quoted in the Chronicle of Higher Education, p. A42 (May 12, 1993)