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.
References in periodicals archive ?
In conclusion, these theoretical considerations lead to the characterization xxin the following manner of the four prototype economic systems, toward which the CEECs may possibly have converged:
As Americans we take great pride in capitalism, an economic system whose engine, it seems, is greed.
Overview of America is an outstanding introduction to the basic principles underlying the American political and economic system.
The mechanism of falling real prices points us toward an important but neglected aspect of America's economic system - the role of the rich in driving progress forward.
Simple computer models of economic systems, in which grid sites represent decisions made by individuals and simple rules define how information about those decisions spreads, actually do evolve to a critical state.
The relation between economic systems and happiness has received virtually no serious theoretical or empirical analysis in the scholarly literature in any discipline.
Schumpeter joined his pessimism about the future of capitalism with unwarranted optimism about the economic potential of socialist and communist economic systems.
He sees the various Soviet and current Russian economic systems as continuations of, and variations on, a deeply embedded, uniquely Russian, cultural, socioeconomic, and political system that he labels 'Muscovy'.
Pollard holds a PhD in Engineering Economic Systems from Stanford as well as a BS in Engineering Physics from Cornell, and is author of the forthcoming book "CEO Stories: Tales from the Top," to be published next year.
He was a key participant in the comparative economic systems field from the 1950s until the 1990s, a contributor to important ideas in additional fields, a prized teacher, an active citizen of the economics profession and his university, the University of New York at Stony Brook, an accomplished academic administrator, a fantastic colleague, a precious friend, a film and theater enthusiast, and so much more.
Actually, as demonstrated in Teranishi's book about Japan's economic systems since 1868, contemporary Japanese economic institutions are modern in their origins.