Austrians! The Indian Market Beckons

Lew Rockwell

They are witnessing the success of the market economy and they seek their future in it. Finding mainstream economics irrelevant, they turn to management ...

Today's letters: free- market economy , Catholic Church, Sister ...

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Wed, 16 Jun 2010 12:36:21 GM

Today's letters: free-. market economy. , Catholic Church, Sister Margaret McBride The Post-Standard Syracuse.com (blog) People of goodwill should strive to avoid Lady Gaga . Her most recent music video which features highly ...

What are the roles of a traditional economy and a market economy??
Q. What are the roles of the traditional economy and the market economy with regard to private property, freedom of enterprise, competition and consumer choice, and the role of government?? Thank you.
Asked by bloodthuggg - Wed Jun 20 21:58:49 2007 - - 1 Answers - 0 Comments

A. In a traditional economy, money is replaced with goods. It usually refers to primitive farming societies, and has some aspects of a command economy, where the government determines who should receive land and goods. There is no competition or private property in a traditional economy, and supposedly the nation as a whole owns all of the land, but that never ends up happen ing. In a market economy, the economy is based on the needs and competition of private owned businesses and property. The role of the government is supposed to have no role in the economy, and this can only be achieved in a lassie fair economy.
Answered by Yankees Rock - Wed Jun 20 22:51:06 2007