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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

market economy

see PRIVATE-ENTERPRISE ECONOMY.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Market economics assumes the right to private property--the right to theft.
Market economics prevents attainment of this Fundamental Goal.
Then, as is always the case with innocence and talent, young Jerry is corrupted by the industry and free market economics. As the film explains, Jerry hit his 20s and was initiated into underground super fame as well as an unholy mix of universal backstage passes, Dom Perignon, cocaine, naked tittie action, and sordid exploits with whip cream.
Maylanne Maybee, who represents the Anglican Church of Canada in the network, said that while the new health care deal recently signed by the first ministers has some good points "we still want to get a clear message from churches and from Canadians that we're doing this according to a set of principles and not just according to market economics."
The answer is market economics. According to Botti, an SOFC APU would compete with alternatives like starter/generators which generate power for about $150/kW, but if the technology went head-to-head with an internal combustion engine as a primary power source it would have to fall within the $30-$50/kW range, which is too tall an order for the fledgling system in the near-term.
These reforms built on a raft of earlier changes--joint venture laws and free trade zones, overseas training in market economics for hundreds of officials, the establishment of the Research Center for the Study of the Capitalist System at the Ministry of Foreign Trade, and overtures to the Asian Development Bank and even the International Monetary Fund.
Michael Coslov of Tube City Inc., King of Prussia, Pa., on scrap market economics; Stephen Miller of Ferrosource Inc., Solon, Ohio, on pig iron prospects; Jeremy Jones of Nupro Corp., Grand Island, N.Y., on maximizing scrap value; and Robert Klawoon of Midrex Technologies, Charlotte, N.C., on the outlook for alternative ironmaking technologies.
"It is within the middle class, if anywhere, that a broad ethic of civic responsibility and political engagement will develop to provide the foundation for both functional democratic governance and market economics."
Aune's insights flow together in a broad and convincing case against the working assumptions of free market economics. Aune writes this book for "academic students of rhetoric and for a general audience" (xii), but one expects its influence will extend beyond even these audiences.
"SIFE has an incredible grassroots ability to reach individuals throughout the world to help improve the quality of life and the standard of living by teaching the principles of market economics, entrepreneurship, business ethnics and personal financial success," said Coughlin.
The role of market economics and its influence on sustainability was, Morvell says, a difficult point of contention hanging over the summit negotiations.
According to Nilsson the European 3G landscape has been shaped by regulators and governments, not by market economics - unlike in the US, where consolidation takes place more quickly.