Mechanism (sociology): Difference between revisions
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In [[economics]], a '''mechanism''' is a set of [[wiktionary:rule|rule]]s designed to bring about a certain [[outcome]] through the [[interaction]] of a number of [[wiktionary:agent|agents]] each of whom maximizes their own [[utility]].{{OR|date=June 2009}} |
In [[economics]], a '''mechanism''' is a set of [[wiktionary:rule|rule]]s designed to bring about a certain [[outcome]] through the [[interaction]] of a number of [[wiktionary:agent|agents]] each of whom maximizes their own [[utility]].{{OR|date=June 2009}}In the real world,there are two economic mechanisms:[[market economy]] and [[planed economy]].[[Market economy]] is an economy based on the [[transaction mechanism]] and [[division of labor]] in which the prices of [[goods]] and [[Service (economics)|services]] are determined in a [[free price system]] set by [[supply and demand]].<ref>{{cite book|title=The Future of the Market: An Essay on the Regulation of Money and Nature After the Collapse of "Actually Existing Socialism|author=Altvater, E.|year=1993|publisher=Verso|pages=57}}</ref> [[Market economy]] is often contrasted with a [[planned economy]], in which a central government determines the price of goods and services using a [[fixed price system]]. |
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==See also== |
==See also== |
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Revision as of 02:11, 15 July 2009
In economics, a mechanism is a set of rules designed to bring about a certain outcome through the interaction of a number of agents each of whom maximizes their own utility.[original research?]In the real world,there are two economic mechanisms:market economy and planed economy.Market economy is an economy based on the transaction mechanism and division of labor in which the prices of goods and services are determined in a free price system set by supply and demand.[1] Market economy is often contrasted with a planned economy, in which a central government determines the price of goods and services using a fixed price system.
See also
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- ^ Altvater, E. (1993). The Future of the Market: An Essay on the Regulation of Money and Nature After the Collapse of "Actually Existing Socialism. Verso. p. 57.