market economy

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Related to Market economics: Free market economics

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 ?
The victory may last 200 years, but it is still temporary--the victory does not affect the structure of market economics but only its current apparition.
The argument for market economics according to Brown is something like this.
SIFE is the world's fastest-growing nonprofit free market economic educational organization, which is currently active on more than 1,200 college campuses in 31 countries.
The commitment to democracy and market economics is firm in a number of Latin American countries - Chile and Argentina foremost among them.
Economic equilibrium emerges, Epstein says, just as textbook market economics predicts.
If market economics did not so dominate our intellectual land, scape, people would laugh at the absurdity of that question.
It also, at the same time, put a special emphasis on individual freedom, private enterprise and market economics.
For that very reason, Thatcherite offensives to introduce market economics into the allocation of welfare have been thrown back.
Some provide interesting ideas that could temper the book's clear dislike for large corporations and market economics in general.
Overall, Labor Market Economics is an excellent choice for the introductory college course and for those interested in the subject.
The quantitative Excel file is complemented by a 18-20 slide analysis of market economics, in a Powerpoint format easily transferable to your Executive presentation.
Political instability in Bulgaria is likely to mar optimistic forecasts for economic growth next year,A said economists fromA the Institute for Market Economics.