market economy

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Market Economy

A social and economic system in which prices are fixed by the law of supply and demand rather than by a government or other body. In its pure form, a market economy is an economy absent of government subsidies, incentives, or regulations. A market economy contrasts with both a planned economy and a mixed economy. No economy is a complete market economy: most countries claiming to have market economies in fact have a market economy combined with greater or lesser government regulation, sometimes called a social market. Proponents of a market economy argue that it is more efficient than any alternatives, promotes fair competition between its participants, and rewards skill and hard work. Critics allege that a market economy perpetuates class differences and rewards ruthlessness over actual labor. Milton Friedman, Friedrich Hayek, and Ludwig von Mises were three major 20th-century proponents of the market economy. See also: Capitalism, socialism, John Maynard Keynes.

market economy

see PRIVATE-ENTERPRISE ECONOMY.
References in periodicals archive ?
But, this assumes that Latin American nations have adopted market economics.
ESA redefines SIEM market economics with affordable pricing and 'services-free' implementation at a 300% TCO differential from other SIEM solutions on the market.
Some of the issues addressed include the character of green political theory; the origins of contemporary environmental politics; and the relationship of environmentalism to market economics and ecological modernization.
The eCompare(SM) Calculator shows us that market economics are changing.
The discussions on aid focused around four task forces -- food, medical, democratic institutions and market economics.
Guided by faculty advisors and supported by businesses around the globe, SIFE teams teach important concepts through educational outreach projects, including market economics, entrepreneurship, personal and financial success, and business ethics to better themselves, their communities and their countries.
A full market commentary provides in-depth analysis of trends in such areas as water types, industry structure, leading companies, market economics, pricing and forecasts.
As regions develop capacity auctions and other forward capacity market (FCM) methods, this simulation capability will help participants understand fundamental market forces related to retirement of less-economic resources, and the market economics of adding new power plants, alternative energy sources, and demand-curtailment alternatives.
The company will buy these bales at an agreed-upon price and route them to an appropriate end-of-life solution and/or post-consumer use based on geography of collection and prevailing market economics.
The Company also announced it is redefining SIEM market economics by providing the industry's most robust, comprehensive security information, event and compliance management solution at a 300% cost differential from other SIEM solutions on the market.
If the gestation gap compresses, the LNG market economics can be balanced very well.