Market: the foundation of economics

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Chapter 4 in Buddha, Wisdom and Economics, 2024, pp 54-68 from Edward Elgar Publishing

Abstract: Economics is a study of economies and economic activities therein. The foundation of economics is a market where buyers and sellers come together in exchanges of goods and services. A marvel of the market is its ability to set prices/values on goods and services. The price is in turn the allocator of the scarce resources, physical and mental, in the economy. The opposite of the market economy is a Marxist economy or a communist economy. The non-market economic system fails to deliver goods and services desired by its citizens, including leisure, meditation, and environmental protection.

Keywords: Development Studies; Economics and Finance (search for similar items in EconPapers)
Date: 2024
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