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:
“If there is a price to pay for the privilege of spending the early years of child rearing in the driver’s seat, it is our reluctance, our inability, to tolerate being demoted to the backseat. Spurred by our success in programming our children during the preschool years, we may find it difficult to forgo in later states the level of control that once afforded us so much satisfaction.”
—Melinda M. Marshall (20th century)
“New York is more now than the sum of its people and buildings. It makes sense only as a mechanical intelligence, a transporter system for the daily absorbing and nightly redeploying of the human multitudes whose services it requires.”
—Peter Conrad (b. 1948)