Commentary
Most of us, and all of us most of the time, deal with the market economy as a definite type of economic order, a sort of “economic technique” as opposed to the socialist “technique.” For this view, it is significant that we call its constructional principle the “price mechanism.” Here we move in the world of prices, of markets, of supply and demand, of competition, of wage rates, of interest rates, of exchange rates, and whatnot.
