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Market participants or economic agents consist of all the buyers and sellers of a good who influence its price, which is a major topic of study of economics and has given rise to several theories and models concerning the basic market forces of supply and demand.
The social market economic model, sometimes called Rhine capitalism, is based upon the idea of realizing the benefits of a free-market economy, especially economic performance and high supply of goods while avoiding disadvantages such as market failure, destructive competition, concentration of economic power and the socially harmful effects of ...
There are several basic questions that must be answered in order for an economy to run satisfactorily. The scarcity problem, for example, requires answers to basic questions, such as what to produce, how to produce it and who gets what is produced. An economic system is a way of answering these basic questions and different economic systems ...
Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a ...
Scholars contrast the concept of a free market with the concept of a coordinated market in fields of study such as political economy, new institutional economics, economic sociology, and political science. All of these fields emphasize the importance in currently existing market systems of rule-making institutions external to the simple forces ...
Though the term "market socialism" only emerged in the 1920s during the socialist calculation debate, [9] a number of pre-Marx socialists, including the Ricardian socialist economists and mutualist philosophers, conceived of socialism as a natural development of the market principles of classical economics, and proposed the creation of co ...
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While proponents of economic liberalization have often pointed out that increasing economic freedom tends to raise expectations on political freedom, [340] some scholars see the existence of non-democratic yet market-liberal regimes and the seeming undermining of democratic control by market processes as evidence that this characterization is ...