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The Nature And Significance Of The Mixed Economy

Author

Listed:
  • Maurice Peston

    (University of London)

Abstract

I am concerned in this essay with a decentralised economy containing a large number of economic units able to hire factors of production and produce and sell output. This happens via markets and a so-called price mechanism. Nonetheless, some of the producing units are extremely large so that resources are allocated inside them by direct control or planning methods. In addition, although the price mechanism is decentralised, it contains within it operating units, whether they be firms or trades unions, of considerable size and able to exert market power. The mixed economy is not the perfectly competitive system of elementary microeconomics.

Suggested Citation

  • Maurice Peston, 1982. "The Nature And Significance Of The Mixed Economy," Palgrave Macmillan Books,, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07419-8_2
    DOI: 10.1007/978-1-349-07419-8_2
    as

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