Price system

Author: Northouse
Publisher:
Publish Date: 2005-02-01
Features: In the eyes of some economists, the market is the most effective means of regulating the economy, and prices are like traffic lights. In the 18th century, commercial interests greatly impacted social morality. Although quite disappointed, the Scottish philosopher Adam Smith still believed that a market economy could be used wisely for the public good. It was also him who popularized this view, making it a consensus in modern society.