Markets and Prices

The first great accomplishment of the pioneers of economics is understanding and advocating the virtues of free markets.  The notion that free markets lead to an optimal allocation of resources undercut the mercantilist belief in the need for resource allocation by a state.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comments?  Questions?  macro-at-econmodel-dot-com  Copyright 2006 William R. Parke