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Definition Of:

Market Economy

Bible DictionaryEnvironmental Economics Dictionary
A decentralized system where many buyers and sellers interact.
Bible DictionaryDictionary of Political Economy
An economy in which scarce resources are all (or nearly all) allocated by the interplay of supply and demand in free markets , largely unhampered by government rationing, price-fixing or other coercive interference. In classifying real historical economies, the level of "marketization" is not primarily an either/or issue but rather a matter of degree. The greater the proportion of the goods and services produced in the society that are allocated by market processes (rather than by government edict or the operation of unchangeable custom), the more meaningful it is to refer to its economy as a market economy -- and the more useful is the abstract economic theory of the operation of markets likely to be for understanding and even predicting economic behavior within that society. Probably the most critical single distinction between "basically market" and "basically non-market" (socialist , feudal, hunter-gatherer, etc.) economies is whether or not the determinations of what is to be produced and of the corresponding allocation of producers' goods (land, raw materials, machinery, and other "capital," as well as the services of labor) are accomplished primarily through free markets rather than primarily through government command or unalterable custom. The concept of a market presupposes the existence of certain sorts of property relations in the society involved. At least some goods and services must be legally or socially regarded as alienable property -- that is, there must be ascertainable individuals (or group representatives) who are recognized as having not just the right to use particular scarce economic resources for their own purposes but also the discretionary authority permanently to transfer such rights of use to someone else in exchange for some mutually agreeable quid pro quo, such as money or other goods or services. Not all human societies have recognized any such rights to transfer ownership, and most historical human societies have forbidden or placed stringent limits on the transferability of at least certain kinds of recognized property rights. In many societies (including most of Europe during the Middle Ages), individual or family rights to the perpetual use of particular plots of land were well established and protected by law -- but such rights only rarely could legally be sold to someone else because the land was socially regarded as fundamentally the inalienable property of either the local community as a whole or of the tribe or clan or church or perhaps of the reigning royal family. And even in the USA since 1865, while each person's ownership of his or her own body is well established, the law will still not allow you to make a binding contract to sell yourself into slavery or even to auction off your spare bodily organs for purposes of a surgical transplant.) More ...

 

Social Science Dictionary INDEX:


List of Terms: Terms beginning with "A", Page 1

Starts With:  A B C D E F G H I J K L M N O P Q R S T U V W X Y Z 3
Page Number:  1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

A: Page 1 of 19.

AAGRA
AAR
ABOLFAZL SHADVAR
ABSOLUTE POVERTY
ACCRUED INTEREST
ACHIEVED STATUS
ACID RAIN
ACUTE DISEASE
ADAPTATION
ADJUSTED GROSS ...AERO
AFFIRMATIVE ACT...
AG
AGE GRADES
AGE STRUCTURE
AGEISM
AGENCIES OF SOC...AGRA
AGRARIAN SOCIET...AGRIBUSINESS
AIDS (Acquired ...
AIR POLLUTION
ALAA
ALIENATION
ANDROGYNY
ANIMISM
ANOMIA
ANOMIE
ANOMIE THEORY
ANTHROPOLOGY
APARTHEID
APEC
APG
APPROPRIATE TEC...ARMS RACE
ARMS TRADE
ARRANGED MARRIA...ASCRIBED STATUS
ASSET PROTECTIO...
ASSETS
ASSIMILATION
AUTHORITARIAN P...
AUTHORITY
AUTOCRATIC RULE
AUTOMATION
Abatement
Abbey
Abbot
Ability-to-Pay ...Ablutophobia
Absolute Advant...
Absolute advant...Abundance
Acarophobia
Accelerator
Acceptance
Acceptance-reje...
Accolade
Accoutrement
Acerophobia
Acheronophobia
Achluophobia
Acid Rain
Acousticophobia
Acquired Endowm...Acquittal
Acre
Acrophobia
Act of Parliame...
Acting Speaker
Active Alumni M...Adaptive Expect...
Additive
Address in Repl...Administrator o...
Admiral
Adoubement
Advance estimate
Adventurous Shi...Adverse Selecti...Aeroacrophobia
Aeronausiphobia
Aerophobia
Affection
Agency problem
Agency problem ...Agency problem ...
Aggregate Deman...Aggregate Expen...Aggregate Suppl...
Aggregate demand
Aggregate supply
Aggression
Agincourt, Batt...Agliophobia
Agoraphobia
Agraphobia
Agrizoophobia
Agyrophobia

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