Price System
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High Quality Content by WIKIPEDIA articles! In economics, a price system is any economic system that effects its distribution of goods and services with prices and employing any form of money or debt tokens. Except for possible remote and primitive communities, all modern societies use price systems to allocate resources. However, price systems are not used for all resource allocation decisions today. A price system may be either a fixed price system where prices are set by a government or it may be a free price system where prices are left to float freely as determined by unregulated supply a...
High Quality Content by WIKIPEDIA articles! In economics, a price system is any economic system that effects its distribution of goods and services with prices and employing any form of money or debt tokens. Except for possible remote and primitive communities, all modern societies use price systems to allocate resources. However, price systems are not used for all resource allocation decisions today. A price system may be either a fixed price system where prices are set by a government or it may be a free price system where prices are left to float freely as determined by unregulated supply and demand. Or it may be a combination of both with a mixed price system. The institutional economist Thorstein Veblen wrote a tract which was seminal in development of the term as discussed in this article: The Engineers and the Price System. Its chapter VI, A Memorandum on a Practicable Soviet of Technicians discusses the possibility of socialist revolution in the United States comparable to that then occurring in Russia (the Soviets had not yet at that time become a state (USSR formed in 1922)).
