These all utilize a market-determined free price system to allocate capital goods and labor.
2.
It is in this way that the free price system persuades consumers to ration dwindling resources.
3.
Through the free price system, supplies are rationed, income is distributed, and resources are allocated.
4.
A free price system contrasts with a fixed price system where prices are administered by government in a controlled market.
5.
Some socialists advocate complete nationalisation of the means of production, distribution, and exchange, while others advocate exchange and free price system.
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A price system may be either a prices are administered by a government body, or it may be a free price system where prices are left to float " freely " as determined by supply and demand uninhibited by regulations.
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Hayek viewed the free price system not as a conscious invention ( that which is intentionally designed by man ), but as spontaneous order or what he referred to as " that which is the result of human action but not of human design ".
8.
For example, a social market economy is a largely free-market economy based on a free price system and private property, but is supportive of government activity to promote competitive markets and social welfare programs to address social inequalities that result from free-market outcomes.
9.
The term " market socialism " has been used to refer to reformed economic systems in Marxist Leninist states, most notably in reference to the contemporary economy of the People's Republic of China, where a free price system is used for the allocation of capital goods in both the state and private sectors.
10.
A "'free price system "'or "'free price mechanism "'( informally called " the price system " or " the price mechanism " ) is a mechanism of resource allocation that relies upon signals " communicated between producers and consumers which serve to guide the production and distribution of resources.
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