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Economists Favour the Price System--Who Else Does?

  • Frey, Bruno S

Most people except professional academic economists resist or reject the use of the price system. The four main reasons are: lack of information; undesirable distributional consequences; unfairness and reluctance to trade; and adverse effects on preferences. The reasons brought forward against the price system are only partly convincing, particularly in comparison to other decision-making systems. The use of the price system may create more problems than traditional neoclassical economics admits. The difficulties and paradoxes connected with the use of the price system provide a challenge to existing economic theory. Copyright 1986 by WWZ and Helbing & Lichtenhahn Verlag AG

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Article provided by Wiley Blackwell in its journal Kyklos.

Volume (Year): 39 (1986)
Issue (Month): 4 ()
Pages: 537-63

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Handle: RePEc:bla:kyklos:v:39:y:1986:i:4:p:537-63
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