economic system

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economic system

a mechanism for tackling the twin problems of SCARCITY and CHOICE. Because economic resources are limited relative to society's demand for goods and services, some means of allocating resources between alternative ends is required. In the modem world, three basic allocative mechanisms perform this function: PRIVATE ENTERPRISE ECONOMY, in which resources are allocated through markets; CENTRALLY PLANNED ECONOMY, in which resources are all allocated by the state; MIXED ECONOMY, in which resources are allocated both by the market and by the state. See NATIONALIZATION, PRIVATIZATION.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
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The fundamental task of economic science is the development of models describing the functioning of the world economic system. Scientists have proposed both general theories describing the economy as a whole (see Blaug, 1985) for a review of these theories) and specific models that explain individual economic processes (Allais, 1977; Arrow, 1963; Debreu, 1952, 1962, 1970; Friedman, 1968; Harsanyi & Selten, 1988; Kantorovich, 1939; Koopmans, 1960; Koopmans & Montias, 1971; Lucas & Prescott, 1971; McFadden, 1986; Nash, 1951; Simon, 1959; Tinbergen, 1956; Tobin, 1955).
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It is pathetic to hear national and international politicians bickering about the economy and how major change will disrupt our economic systems when maintaining these economic systems will entirely disrupt the ecological systems that are necessary for our existence.
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The comparative study of economic systems should ask three basic questions: What is an economic system?
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