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href="https://hy.wikipedia.org/wiki/%D4%B3%D5%B6%D5%A5%D6%80%D5%AB_%D5%B0%D5%A1%D5%B4%D5%A1%D5%AF%D5%A1%D6%80%D5%A3" title="Գների համակարգ – Armenian" lang="hy" hreflang="hy" data-title="Գների համակարգ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Sistema_dei_prezzi" title="Sistema dei prezzi – Italian" lang="it" hreflang="it" data-title="Sistema dei prezzi" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Sistema_de_pre%C3%A7os" title="Sistema de preços – Portuguese" lang="pt" hreflang="pt" data-title="Sistema de preços" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Hintaj%C3%A4rjestelm%C3%A4" title="Hintajärjestelmä – Finnish" lang="fi" hreflang="fi" data-title="Hintajärjestelmä" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Fiyat_sistemi" title="Fiyat sistemi – Turkish" lang="tr" hreflang="tr" data-title="Fiyat sistemi" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E4%BB%B7%E6%A0%BC%E4%BD%93%E7%B3%BB" title="价格体系 – Chinese" lang="zh" hreflang="zh" data-title="价格体系" data-language-autonym="中文" data-language-local-name="Chinese" 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.sidebar-list-title-c{padding:0 0.4em;text-align:center;margin:0 3.3em}@media(max-width:640px){body.mediawiki .mw-parser-output .sidebar{width:100%!important;clear:both;float:none!important;margin-left:0!important;margin-right:0!important}}body.skin--responsive .mw-parser-output .sidebar a>img{max-width:none!important}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Economic_systems" title="Category:Economic systems">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="background:#efefef;padding:0.4em;"><a href="/wiki/Economic_system" title="Economic system">Economic systems</a></th></tr><tr><td class="sidebar-above"> <div class="center" style="width:auto; margin-left:auto; margin-right:auto;">Major types</div> <div class="hlist"> <ul><li><a href="/wiki/Capitalism" title="Capitalism">Capitalism</a></li> <li><a href="/wiki/Socialism" title="Socialism">Socialism</a></li> <li><a href="/wiki/Communism" title="Communism">Communism</a></li></ul> </div></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">By ideology</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Associative_economics" title="Associative economics">Associative</a></li> <li><a href="/wiki/Capitalism" title="Capitalism">Capitalist</a> <ul><li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Democratic_capitalism" title="Democratic capitalism">Democratic</a></li> <li><a href="/wiki/Laissez-faire" title="Laissez-faire">Laissez-faire</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilist</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberal</a></li> <li><a href="/wiki/Neomercantilism" title="Neomercantilism">Neomercantilist</a></li> <li><a href="/wiki/Protectionism" title="Protectionism">Protectionist</a></li> <li><a href="/wiki/Social_market_economy" title="Social market economy">Social market</a></li> <li><a href="/wiki/Welfare_capitalism" title="Welfare capitalism">Welfare</a></li></ul></li> <li><a href="/wiki/Economic_democracy" title="Economic democracy">Democratic</a></li> <li><a href="/wiki/Economics_of_fascism" title="Economics of fascism">Fascist</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgist</a></li> <li><a href="/wiki/Green_economy" title="Green economy">Green</a></li> <li>Religious <ul><li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist economics</a></li> <li><a href="/wiki/Christian_finance" title="Christian finance">Christian</a> <ul><li><a href="/wiki/Sabbath_economics" title="Sabbath economics">Sabbath economics</a></li></ul></li> <li><a href="/wiki/Islamic_economics" title="Islamic economics">Islamic</a></li></ul></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a> <ul><li><a href="/wiki/Communalism_(Bookchin)" class="mw-redirect" title="Communalism (Bookchin)">Communalist</a></li> <li><a href="/wiki/Communism" title="Communism">Communist</a></li> <li><a href="/wiki/Market_socialism" title="Market socialism">Market socialist</a></li> <li><a href="/wiki/Mutualism_(movement)" title="Mutualism (movement)">Mutualist</a></li> <li><a href="/wiki/Participatory_economics" title="Participatory economics">Participatory</a></li> <li><a href="/wiki/Socialist_market_economy" title="Socialist market economy">Socialist market</a></li> <li><a href="/wiki/Socialist-oriented_market_economy" title="Socialist-oriented market economy">Socialist-oriented market</a></li> <li><a href="/wiki/State_socialism" title="State socialism">State</a></li> <li><a href="/wiki/Syndicalism" title="Syndicalism">Syndicalist</a></li></ul></li> <li><a href="/wiki/State_capitalism" title="State capitalism">State capitalism</a></li> <li><a href="/wiki/Social_credit" title="Social credit">Social credit</a></li> <li><a href="/wiki/Distributism" title="Distributism">Distributist</a></li> <li>Traditionalist <ul><li><a href="/wiki/Corporatism" title="Corporatism">Corporatist</a></li> <li><a href="/wiki/Feudalism" title="Feudalism">Feudalism</a></li></ul></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">By coordination</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Autarky" title="Autarky">Closed (autarky)</a></li> <li><a href="/wiki/Decentralized_planning_(economics)" class="mw-redirect" title="Decentralized planning (economics)">Decentralized</a></li> <li><a href="/wiki/Digital_economy" title="Digital economy">Digital</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigist</a></li> <li><a href="/wiki/Dual_economy" title="Dual economy">Dual</a></li> <li><a href="/wiki/Gift_economy" title="Gift economy">Gift</a></li> <li><a href="/wiki/Informal_sector" class="mw-redirect" title="Informal sector">Informal</a></li> <li><a href="/wiki/Market_economy" title="Market economy">Market</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed</a></li> <li><a href="/wiki/Natural_economy" title="Natural economy">Natural</a></li> <li><a href="/wiki/Open_economy" title="Open economy">Open</a></li> <li><a href="/wiki/Planned_economy" title="Planned economy">Planned</a></li> <li><a href="/wiki/Robinson_Crusoe_economy" title="Robinson Crusoe economy">Robinson Crusoe</a></li> <li><a href="/wiki/Sharing_economy" title="Sharing economy">Sharing</a></li> <li><a href="/wiki/Subsistence_economy" title="Subsistence economy">Subsistence</a></li> <li><a href="/wiki/Black_market" title="Black market">Underground</a></li> <li><a href="/wiki/Vertical_archipelago" title="Vertical archipelago">Vertical archipelago</a></li> <li><a href="/wiki/Virtual_economy" title="Virtual economy">Virtual</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">By regional model</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li>Asian <ul><li><a href="/wiki/East_Asian_model_of_capitalism" class="mw-redirect" title="East Asian model of capitalism">East Asian</a></li> <li><a href="/wiki/Beijing_Consensus" title="Beijing Consensus">Chinese</a></li> <li><a href="/wiki/Economy_of_Singapore" title="Economy of Singapore">Singaporean</a></li> <li><a href="/wiki/Kerala_model" title="Kerala model">Keralan</a></li></ul></li> <li>European <ul><li><a href="/wiki/Anglo-Saxon_model" title="Anglo-Saxon model">Anglo-Saxon</a></li> <li><a href="/wiki/German_model" title="German model">German</a></li> <li><a href="/wiki/Nordic_model" title="Nordic model">Nordic</a></li> <li><a href="/wiki/Polder_model" title="Polder model">Dutch</a></li> <li><a href="/wiki/Social_market_economy" title="Social market economy">Rhenish</a></li> <li><a href="/wiki/Soviet-type_economic_planning" title="Soviet-type economic planning">Soviet</a></li></ul></li> <li>Latin America <ul><li><a href="/wiki/Socialism_of_the_21st_century" title="Socialism of the 21st century">Socialism of the 21st century</a></li></ul></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">Sectors</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Common_ownership" title="Common ownership">Common ownership</a></li> <li><a href="/wiki/Private_sector" title="Private sector">Private</a></li> <li><a href="/wiki/Public_sector" title="Public sector">Public</a></li> <li><a href="/wiki/Voluntary_sector" title="Voluntary sector">Voluntary</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">Property types</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Collective_ownership" title="Collective ownership">Collective ownership</a></li> <li><a href="/wiki/Commons" title="Commons">Commons</a> (<a href="/wiki/Common_ownership" title="Common ownership">Common ownership</a>)</li> <li><a href="/wiki/Private_property" title="Private property">Private property</a></li> <li><a href="/wiki/State_ownership" title="State ownership">State ownership</a></li> <li><a href="/wiki/Social_ownership" title="Social ownership">Social ownership</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">Transition</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Collective_farming" title="Collective farming">Collectivization</a></li> <li><a href="/wiki/Communization" title="Communization">Communization</a></li> <li><a href="/wiki/Corporatization" title="Corporatization">Corporatization</a></li> <li><a href="/wiki/Demutualization" title="Demutualization">Demutualization</a></li> <li><a href="/wiki/Deregulation" title="Deregulation">Deregulation</a></li> <li><a href="/wiki/Expropriation" class="mw-redirect" title="Expropriation">Expropriation</a></li> <li><a href="/wiki/Financialization" title="Financialization">Financialization</a></li> <li><a href="/wiki/Liberalization" title="Liberalization">Liberalization</a></li> <li><a href="/wiki/Marketization" title="Marketization">Marketization</a></li> <li><a href="/wiki/Municipalization" title="Municipalization">Municipalization</a></li> <li><a href="/wiki/Mutualization" class="mw-redirect" title="Mutualization">Mutualization</a></li> <li><a href="/wiki/Nationalization" title="Nationalization">Nationalization</a></li> <li><a href="/wiki/Privatization" title="Privatization">Privatization</a></li> <li><a href="/wiki/Socialization_(economics)" class="mw-redirect" title="Socialization (economics)">Socialization</a> <ul><li><a href="/wiki/Socialization_(Marxism)" title="Socialization (Marxism)">Marxist</a></li></ul></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">Coordination</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Barter" title="Barter">Barter</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a> <ul><li><a href="/wiki/Free_market" title="Free market">Free</a></li> <li><a href="/wiki/Open_market" title="Open market">Open</a></li> <li><a href="/wiki/Regulated_market" title="Regulated market">Regulated</a></li></ul></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a> <ul><li><a href="/wiki/Calculation_in_kind" title="Calculation in kind">In kind</a></li> <li><a href="/wiki/Cybernetics" title="Cybernetics">Cybernetics</a></li> <li><a href="/wiki/Indicative_planning" title="Indicative planning">Indicative</a></li> <li><a href="/wiki/Material_balance_planning" title="Material balance planning">Material balancing</a></li></ul></li> <li><a class="mw-selflink selflink">Price</a></li> <li><a href="/wiki/Self-managed_economy" class="mw-redirect" title="Self-managed economy">Self-managed</a> <ul><li><a href="/wiki/Social_peer-to-peer_processes#P2P_economic_system" class="mw-redirect" title="Social peer-to-peer processes">Peer-to-peer</a></li> <li><a href="/wiki/Sharing_economy" title="Sharing economy">Sharing</a></li> <li><a href="/wiki/Open_access" title="Open access">Open access</a></li></ul></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">Other types</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Commons-based_peer_production" title="Commons-based peer production">Commons-based peer production</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Hunter-gatherer" title="Hunter-gatherer">Hunter-gatherer</a></li> <li><a href="/wiki/Inclusive_Democracy" class="mw-redirect" title="Inclusive Democracy">Inclusive Democracy</a></li> <li><a href="/wiki/Information_economy" title="Information economy">Information</a></li> <li><a href="/wiki/Manorialism" title="Manorialism">Manorialism</a></li> <li><a href="/wiki/Newly_industrialized_country" title="Newly industrialized country">Newly industrialized</a></li> <li><a href="/wiki/Palace_economy" title="Palace economy">Palace</a></li> <li><a href="/wiki/Plantation_economy" title="Plantation economy">Plantation</a></li> <li><a href="/wiki/Plutonomy" title="Plutonomy">Plutonomy</a></li> <li><a href="/wiki/Post-capitalism" title="Post-capitalism">Post-capitalist</a></li> <li><a href="/wiki/Post-industrial_economy" title="Post-industrial economy">Post-industrial</a></li> <li><a href="/wiki/Post-scarcity_economy" class="mw-redirect" title="Post-scarcity economy">Post-scarcity</a></li> <li><a href="/wiki/Resource-based_economy" title="Resource-based economy">Resource-based</a></li> <li><a href="/wiki/Token_economy" title="Token economy">Token</a></li> <li><a href="/wiki/Traditional_economy" title="Traditional economy">Traditional</a></li> <li><a href="/wiki/Transition_economy" title="Transition economy">Transition</a></li> <li><a href="/wiki/World_economy" title="World economy">World</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below plainlist" style="line-height:1.2em;font-weight:bold;"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business_and_economics" class="mw-redirect" title="Portal:Business and economics">Business and economics portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economic_systems_sidebar" title="Template:Economic systems sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economic_systems_sidebar" title="Template talk:Economic systems sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economic_systems_sidebar" title="Special:EditPage/Template:Economic systems sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>In <a href="/wiki/Economics" title="Economics">economics</a>, a <b>price system</b> is a system through which the <a href="/wiki/Economic_value" class="mw-redirect" title="Economic value">valuations</a> of any forms of property (tangible or intangible) are determined. All societies use price systems in the allocation and exchange of resources as a consequence of <a href="/wiki/Scarcity" title="Scarcity">scarcity</a>.<sup id="cite_ref-:0_1-0" class="reference"><a href="#cite_note-:0-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Even in a barter system with no money, price systems are still utilized in the determination of exchange ratios (relative valuations) between the properties being exchanged. </p><p>A price system may be either a <a href="/wiki/Regulated_market" title="Regulated market">regulated price system</a> (such as a <a href="/wiki/Fixed_price" title="Fixed price">fixed price system</a>) where <a href="/wiki/Administered_price" class="mw-redirect" title="Administered price">prices are administered</a> by an authority, or it may be a <a href="/wiki/Free_price_system" title="Free price system">free price system</a> (such as a <a href="/wiki/Market_system" title="Market system">market system</a>) where prices are left to float "freely" as determined by supply and demand without the intervention of an authority. A mixed price system involves a combination of both regulated and free price systems.<sup id="cite_ref-:0_1-1" class="reference"><a href="#cite_note-:0-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_system&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Price systems have been around as long as there has been economic exchanges. </p><p>The price system has transformed into the system of global <a href="/wiki/Capitalism" title="Capitalism">capitalism</a> that is present in the early 21st century.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The Soviet Union and other <a href="/wiki/Communist_state" title="Communist state">Communist states</a> with a centralized <a href="/wiki/Planned_economy" title="Planned economy">planned economy</a> maintained controlled price systems. Whether the ruble or the dollar is used in the economic system, the criterion of a price system is the use of money as an arbiter and usual final arbiter of whether a thing is done or not. In other words, few things are done without consideration for the monetary costs and the potential making of a profit in a price system. </p> <div class="mw-heading mw-heading3"><h3 id="Debate_on_socialism">Debate on socialism</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_system&action=edit&section=2" title="Edit section: Debate on socialism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Socialist_calculation_debate" title="Socialist calculation debate">Socialist calculation debate</a></div> <p>The American economist <a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Thorstein Veblen</a> wrote a seminal tract on the development of the term as discussed in this article<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Writing_better_articles#Tone" title="Wikipedia:Writing better articles"><span title="The tone or style of material in the vicinity of this tag may not be appropriate for Wikipedia. (October 2021)">tone</span></a></i>]</sup>: <i>The Engineers and the Price System</i>.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Its chapter VI, <i>A Memorandum on a Practicable Soviet of Technicians</i> discusses the possibility of <a href="/wiki/Socialist" class="mw-redirect" title="Socialist">socialist</a> revolution in the United States comparable to that then occurring in Russia (the Soviets had not yet at that time become a state (USSR formed in 1922)). </p><p>According to Bockman, the original conception of socialism involved the substitution of money as a unit of calculation and monetary prices as a whole with <a href="/wiki/Calculation_in_kind" title="Calculation in kind">calculation in kind</a> (or valuation based on natural units), with business and financial decisions replaced by engineering and technical criteria for managing the economy. Fundamentally, this meant that socialism would operate under different economic dynamics than those of capitalism and the price system.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>In the 1930s, the economists <a href="/wiki/Oskar_Lange" class="mw-redirect" title="Oskar Lange">Oskar Lange</a> and <a href="/wiki/Abba_Lerner" class="mw-redirect" title="Abba Lerner">Abba Lerner</a> developed a comprehensive model of a socialist economy that utilized a price system and money for the allocation of <a href="/wiki/Capital_good" class="mw-redirect" title="Capital good">capital goods</a>. In contrast to a free-market price system, "socialist" prices would be set by a planning board to equal the <a href="/wiki/Marginal_cost" title="Marginal cost">marginal cost</a> of production to achieve <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">neoclassical</a> Pareto efficiency. Because this model of socialism relied upon money and administered prices as opposed to non-monetary calculation in physical magnitudes, it was labelled "market socialism". In effect, Oskar Lange conceded that calculations in a socialist system would have to be performed in value terms with a functioning price system rather than using purely natural or engineering criteria as in the classic concept of socialism.<sup id="cite_ref-Revisiting_the_Socialist_Calculation_Debate_6-0" class="reference"><a href="#cite_note-Revisiting_the_Socialist_Calculation_Debate-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Hayek">Hayek</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_system&action=edit&section=3" title="Edit section: Hayek"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Price_signal" title="Price signal">Price signal</a></div> <p><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian School</a> economist <a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a> argued that a free price system allowed economic coordination via the <a href="/wiki/Price_signal" title="Price signal">price signals</a> that changing prices send, which is regarded as one of his most significant and influential contributions to economics.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>In "<a href="/wiki/The_Use_of_Knowledge_in_Society" title="The Use of Knowledge in Society">The Use of Knowledge in Society</a>" (1945), Hayek wrote, "The price system is just one of those formations which man has learned to use (though he is still very far from having learned to make the best use of it) after he had stumbled upon it without understanding it. Through it not only a <a href="/wiki/Division_of_labor" class="mw-redirect" title="Division of labor">division of labor</a> but also a coordinated utilization of resources based on an equally divided knowledge has become possible. The people who like to deride any suggestion that this may be so usually distort the argument by insinuating that it asserts that by some miracle just that sort of system has spontaneously grown up which is best suited to modern civilization. It is the other way round: man has been able to develop that division of labor on which our civilization is based because he happened to stumble upon a method which made it possible. Had he not done so, he might still have developed some other, altogether different, type of civilization, something like the "state" of the termite ants, or some other altogether unimaginable type."<sup id="cite_ref-Hayek45_8-0" class="reference"><a href="#cite_note-Hayek45-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_system&action=edit&section=4" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col"> <ul><li><a href="/wiki/Free_price_system" title="Free price system">Free price system</a></li> <li><a href="/wiki/Regulated_market" title="Regulated market">Regulated market</a></li> <li><a href="/wiki/Planned_economy" title="Planned economy">Planned economy</a></li> <li><a href="/wiki/Catallactics" title="Catallactics">Catallactics</a></li> <li><a href="/wiki/Economic_calculation_debate" class="mw-redirect" title="Economic calculation debate">Economic calculation debate</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Economic history</a></li> <li><a href="/wiki/History_of_economic_thought" title="History of economic thought">History of economic thought</a></li> <li><a href="/wiki/Lange_model" title="Lange model">Lange model</a></li> <li><a href="/wiki/Market_economy" title="Market economy">Market economy</a></li> <li><a href="/wiki/Price_mechanism" title="Price mechanism">Price mechanism</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_system&action=edit&section=5" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-:0-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-:0_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:0_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFGeorge_J._Stigler,_William_J._Baumol" class="citation encyclopaedia cs1"><a href="/wiki/George_J._Stigler" class="mw-redirect" title="George J. Stigler">George J. Stigler</a>, <a href="/wiki/William_J._Baumol" class="mw-redirect" title="William J. Baumol">William J. Baumol</a>. <a rel="nofollow" class="external text" href="http://www.britannica.com/EBchecked/topic/475822/price-system">"Price system"</a>. <i><a href="/wiki/Encyclop%C3%A6dia_Britannica" title="Encyclopædia Britannica">Encyclopædia Britannica</a></i><span class="reference-accessdate">. Retrieved <span class="nowrap">2 January</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Price+system&rft.btitle=Encyclop%C3%A6dia+Britannica&rft.au=George+J.+Stigler%2C+William+J.+Baumol&rft_id=http%3A%2F%2Fwww.britannica.com%2FEBchecked%2Ftopic%2F475822%2Fprice-system&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrice+system" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20110728152736/http://www.technocracy.org/archives/185-langan">I Am The Price System R. B. Langan Great lakes Technocrat April 1944, # 66.</a></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text">Harbinger Edition, 1963. LCCCN 63-19639. First Published as a series of essays in <a href="/wiki/The_Dial" title="The Dial">The Dial</a> (1919) then as a book in 1921.</span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.faculty.rsu.edu/~felwell/Theorists/Veblen/Papers/Engineers.htm">Full Text (HTML)</a></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBockman2011" class="citation book cs1">Bockman, Johanna (2011). <i>Markets in the name of Socialism: The Left-Wing origins of Neoliberalism</i>. Stanford University Press. p. 20. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-8047-7566-3" title="Special:BookSources/978-0-8047-7566-3"><bdi>978-0-8047-7566-3</bdi></a>. <q>According to nineteenth-century socialist views, socialism would function without capitalist economic categories - such as money, prices, interest, profits and rent - and thus would function according to laws other than those described by current economic science. While some socialists recognized the need for money and prices at least during the transition from capitalism to socialism, socialists more commonly believed that the socialist economy would soon administratively mobilize the economy in physical units without the use of prices or money.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Markets+in+the+name+of+Socialism%3A+The+Left-Wing+origins+of+Neoliberalism&rft.pages=20&rft.pub=Stanford+University+Press&rft.date=2011&rft.isbn=978-0-8047-7566-3&rft.aulast=Bockman&rft.aufirst=Johanna&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrice+system" class="Z3988"></span></span> </li> <li id="cite_note-Revisiting_the_Socialist_Calculation_Debate-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-Revisiting_the_Socialist_Calculation_Debate_6-0">^</a></b></span> <span class="reference-text"><i>Revisiting the Socialist Calculation Debate: The role of markets and finance in Hayek's response to Lange's challenge</i>, by Auerbach, Paul and Sotiropoulos, Dimitris. 2012. Kingston University London, Economics Discussion Paper 2012-6, pp. 1-2: "He readily acceded to the need for efficiency calculations to be made in value terms rather than using purely natural or engineering criteria, but claimed that these values could emerge along lines consistent with neoclassical value theory, without the need for a market in capital goods and without private ownership over the means of production."</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSkarbek2009" class="citation cs2">Skarbek, David (March 2009), <a rel="nofollow" class="external text" href="http://www.davidskarbek.com/papers/HayekNobel.pdf">"F. A. Hayek's Influence on Nobel Prize Winners"</a> <span class="cs1-format">(PDF)</span>, <i><a href="/wiki/Review_of_Austrian_Economics" class="mw-redirect" title="Review of Austrian Economics">Review of Austrian Economics</a></i>, <b>22</b> (1): 109–112, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1007%2Fs11138-008-0069-x">10.1007/s11138-008-0069-x</a>, <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:144970753">144970753</a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Review+of+Austrian+Economics&rft.atitle=F.+A.+Hayek%27s+Influence+on+Nobel+Prize+Winners&rft.volume=22&rft.issue=1&rft.pages=109-112&rft.date=2009-03&rft_id=info%3Adoi%2F10.1007%2Fs11138-008-0069-x&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A144970753%23id-name%3DS2CID&rft.aulast=Skarbek&rft.aufirst=David&rft_id=http%3A%2F%2Fwww.davidskarbek.com%2Fpapers%2FHayekNobel.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrice+system" class="Z3988"></span><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged December 2017">permanent dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup></span> </li> <li id="cite_note-Hayek45-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-Hayek45_8-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFriedrich_Hayek1945" class="citation journal cs1"><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a> (September 1945). <a rel="nofollow" class="external text" href="https://www.kysq.org/docs/Hayek_45.pdf">"The Use of Knowledge in Society"</a> <span class="cs1-format">(PDF)</span>. <i>The American Economic Review</i>. <b>35</b> (4): 528.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+American+Economic+Review&rft.atitle=The+Use+of+Knowledge+in+Society&rft.volume=35&rft.issue=4&rft.pages=528&rft.date=1945-09&rft.au=Friedrich+Hayek&rft_id=https%3A%2F%2Fwww.kysq.org%2Fdocs%2FHayek_45.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrice+system" class="Z3988"></span></span> </li> </ol></div></div> <div 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title="Trade">Exchange</a></li> <li><a href="/wiki/Externality" title="Externality">Externality</a></li> <li><a href="/wiki/Theory_of_the_firm" title="Theory of the firm">Firms</a></li> <li><a href="/wiki/Goods_and_services" title="Goods and services">Goods and services</a> <ul><li><a href="/wiki/Goods" title="Goods">Goods</a></li> <li><a href="/wiki/Service_(economics)" title="Service (economics)">Service</a></li></ul></li> <li><a href="/wiki/Family_economics" title="Family economics">Household</a></li> <li><a href="/wiki/Income%E2%80%93consumption_curve" title="Income–consumption curve">Income–consumption curve</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Indifference_curve" title="Indifference curve">Indifference curve</a></li> <li><a href="/wiki/Intertemporal_choice" title="Intertemporal choice">Intertemporal choice</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a></li> <li><a href="/wiki/Market_failure" title="Market failure">Market failure</a></li> <li><a href="/wiki/Market_structure" title="Market structure">Market structure</a> <ul><li><a href="/wiki/Competition_(economics)" title="Competition (economics)">Competition</a> <ul><li><a href="/wiki/Monopolistic_competition" title="Monopolistic competition">Monopolistic</a></li> <li><a href="/wiki/Perfect_competition" title="Perfect competition">Perfect</a></li></ul></li> <li><a href="/wiki/Duopoly" title="Duopoly">Duopoly</a></li> <li><a href="/wiki/Monopoly" title="Monopoly">Monopoly</a> <ul><li><a href="/wiki/Bilateral_monopoly" title="Bilateral monopoly">Bilateral</a></li> <li><a href="/wiki/Complementary_monopoly" title="Complementary monopoly">Complementary</a></li></ul></li> <li><a href="/wiki/Monopsony" title="Monopsony">Monopsony</a></li> <li><a href="/wiki/Oligopoly" title="Oligopoly">Oligopoly</a></li> <li><a href="/wiki/Oligopsony" title="Oligopsony">Oligopsony</a></li></ul></li> <li><a href="/wiki/Pareto_efficiency" title="Pareto efficiency">Pareto efficiency</a></li> <li><a href="/wiki/Preference_(economics)" title="Preference (economics)">Preferences</a></li> <li><a href="/wiki/Price" title="Price">Price</a> <ul><li><a href="/wiki/Price_controls" title="Price controls">Price controls</a></li> <li><a href="/wiki/Price_ceiling" title="Price ceiling">Price ceiling</a></li> <li><a href="/wiki/Price_floor" title="Price floor">Price floor</a></li> <li><a href="/wiki/Price_discrimination" title="Price discrimination">Price discrimination</a></li> <li><a href="/wiki/Price_signal" title="Price signal">Price signal</a></li> <li><a class="mw-selflink selflink">Price system</a>/<a href="/wiki/Free_price_system" title="Free price system">Free</a></li> <li><a href="/wiki/Pricing" title="Pricing">Pricing</a></li></ul></li> <li><a href="/wiki/Production_set" title="Production set">Production</a></li> <li><a href="/wiki/Profit_(economics)" title="Profit (economics)">Profit</a></li> <li><a href="/wiki/Public_good_(economics)" title="Public good (economics)">Public goods</a></li> <li><a href="/wiki/Rationing" title="Rationing">Rationing</a></li> <li><a href="/wiki/Economic_rent" title="Economic rent">Rent</a></li> <li><a href="/wiki/Returns_to_scale" title="Returns to scale">Returns to scale</a></li> <li><a href="/wiki/Risk_aversion" title="Risk aversion">Risk aversion</a></li> <li><a href="/wiki/Scarcity" title="Scarcity">Scarcity</a></li> <li><a href="/wiki/Shortage" title="Shortage">Shortage</a>/<a href="/wiki/Excess_supply" title="Excess supply">Excess supply</a></li> <li><a href="/wiki/Substitution_effect" title="Substitution effect">Substitution effect</a></li> <li><a href="/wiki/Economic_surplus" title="Economic surplus">Surplus</a></li> <li><a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice</a></li> <li><a href="/wiki/Supply_and_demand" title="Supply and demand">Supply and demand</a> <ul><li><a href="/wiki/Demand" title="Demand">Demand</a>/<a href="/wiki/Law_of_demand" title="Law of demand">Law of demand</a></li> <li><a href="/wiki/Supply_(economics)" title="Supply (economics)">Supply</a>/<a href="/wiki/Law_of_supply" title="Law of supply">Law of supply</a></li></ul></li> <li><a href="/wiki/Uncertainty" title="Uncertainty">Uncertainty</a></li> <li><a href="/wiki/Utility" title="Utility">Utility</a> <ul><li><a href="/wiki/Expected_utility_hypothesis" title="Expected utility hypothesis">Expected</a></li> <li><a href="/wiki/Marginal_utility" title="Marginal utility">Marginal</a></li></ul></li> <li><a href="/wiki/Wage" title="Wage">Wage</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Subfields</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Statistical_decision_theory" class="mw-redirect" title="Statistical decision theory">Statistical decision theory</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering economics</a></li> <li><a href="/wiki/Engineering_economics_(civil_engineering)" title="Engineering economics (civil engineering)">Civil engineering economics</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Green_economy" title="Green economy">Green</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labor</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations of macroeconomics</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Mathematical_optimization" title="Mathematical optimization">Optimization</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">See also</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Microeconomics" title="Category:Microeconomics">Category</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Population" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Population" title="Template:Population"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Population" title="Template talk:Population"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Population" title="Special:EditPage/Template:Population"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Population" style="font-size:114%;margin:0 4em"><a href="/wiki/Population" title="Population">Population</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Major topics</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Demographics_of_the_world" title="Demographics of the world">Demographics of the world</a></li> <li><a href="/wiki/Demographic_transition" title="Demographic transition">Demographic transition</a></li> <li><a href="/wiki/Estimates_of_historical_world_population" title="Estimates of historical world population">Estimates of historical world population</a></li> <li><a href="/wiki/Population_growth" title="Population growth">Population growth</a></li> <li><a href="/wiki/Population_momentum" title="Population momentum">Population momentum</a></li> <li><a href="/wiki/Projections_of_population_growth" class="mw-redirect" title="Projections of population growth">Projections of population growth</a></li> <li><a href="/wiki/World_population" title="World population">World population</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Population_biology" title="Population biology">Population<br />biology</a></div></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Population_decline" title="Population decline">Population decline</a></li> <li><a href="/wiki/Population_density" title="Population density">Population density</a> <ul><li><a href="/wiki/Physiological_density" title="Physiological density">Physiological density</a></li></ul></li> <li><a href="/wiki/Population_dynamics" title="Population dynamics">Population dynamics</a></li> <li><a href="/wiki/Population_model" title="Population model">Population model</a></li> <li><a href="/wiki/Population_pyramid" title="Population pyramid">Population pyramid</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Population_ecology" title="Population ecology">Population<br />ecology</a></div></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Biocapacity" title="Biocapacity">Biocapacity</a></li> <li><a href="/wiki/Carrying_capacity" title="Carrying capacity">Carrying capacity</a></li> <li><span class="nowrap"><a href="/wiki/I_%3D_PAT" title="I = PAT">I = P × A × T</a></span></li> <li><a href="/wiki/Kaya_identity" title="Kaya identity">Kaya identity</a></li> <li><a href="/wiki/Malthusian_growth_model" title="Malthusian growth model">Malthusian growth model</a></li> <li><a href="/wiki/Overshoot_(population)" title="Overshoot (population)">Overshoot (population)</a></li> <li><a href="/wiki/World3" title="World3">World3 model</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Society and<br /> population</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Eugenics" title="Eugenics">Eugenics</a></li> <li><a href="/wiki/Dysgenics" title="Dysgenics"><i>Dys</i>genics</a></li> <li><a href="/wiki/Human_overpopulation" title="Human overpopulation">Human overpopulation</a> <ul><li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusian catastrophe</a></li></ul></li> <li><a href="/wiki/Human_population_planning" title="Human population planning">Human population planning</a> <ul><li><a href="/wiki/Compulsory_sterilization" title="Compulsory sterilization">Compulsory sterilization</a></li> <li><a href="/wiki/Family_planning" title="Family planning">Family planning</a></li> <li><a href="/wiki/One-child_policy" title="One-child policy">One-child policy</a></li> <li><a href="/wiki/Two-child_policy" title="Two-child policy">Two-child policy</a></li></ul></li> <li><a href="/wiki/Overconsumption_(economics)" title="Overconsumption (economics)">Overconsumption</a></li> <li><a href="/wiki/Political_demography" title="Political demography">Political demography</a></li> <li><a href="/wiki/Population_ethics" title="Population ethics">Population ethics</a> <ul><li><a href="/wiki/Antinatalism" title="Antinatalism">Antinatalism</a></li> <li><a href="/wiki/Mere_addition_paradox" title="Mere addition paradox">Mere addition paradox</a></li> <li><a href="/wiki/Natalism" title="Natalism">Natalism</a></li> <li><a href="/wiki/Non-identity_problem" class="mw-redirect" title="Non-identity problem">Non-identity problem</a></li> <li><a href="/wiki/Reproductive_rights" title="Reproductive rights">Reproductive rights</a></li></ul></li> <li><a href="/wiki/Sustainable_population" title="Sustainable population">Sustainable population</a></li> <li><a href="/wiki/Zero_population_growth" title="Zero population growth">Zero population growth</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Publications</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0;font-style:italic;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Population_and_Environment" title="Population and Environment">Population and Environment</a></li> <li><a href="/wiki/Population_and_Development_Review" title="Population and Development Review">Population and Development Review</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Lists</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Population_and_housing_censuses_by_country" title="Population and housing censuses by country">Population and housing censuses by country</a></li> <li><a href="/wiki/List_of_largest_cities" title="List of largest cities">Largest cities</a></li> <li><a href="/wiki/World_population_milestones" title="World population milestones">World population milestones</a> <ul><li><a href="/wiki/Day_of_Six_Billion" title="Day of Six Billion">6 billion</a></li> <li><a href="/wiki/Day_of_Seven_Billion" title="Day of Seven Billion">7</a></li> <li><a href="/wiki/Day_of_Eight_Billion" title="Day of Eight Billion">8</a></li></ul></li> <li><a href="/wiki/List_of_population_concern_organizations" title="List of population concern organizations">Population concern organizations</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Events and<br />organizations</div></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/7_Billion_Actions" title="7 Billion Actions">7 Billion Actions</a></li> <li><a href="/wiki/Church_of_Euthanasia" title="Church of Euthanasia">Church of Euthanasia</a></li> <li><a href="/wiki/International_Conference_on_Population_and_Development" title="International Conference on Population and Development">International Conference on Population and Development</a></li> <li><a href="/wiki/Population_Action_International" title="Population Action International">Population Action International</a></li> <li><a href="/wiki/Population_Connection" title="Population Connection">Population Connection</a></li> <li><a href="/wiki/Population_Matters" title="Population Matters">Population Matters</a></li> <li><a href="/wiki/United_Nations_Population_Fund" title="United Nations Population Fund">United Nations Population Fund</a></li> <li><a href="/wiki/United_Nations_world_population_conferences" title="United Nations world population conferences">United Nations world population conferences</a></li> <li><a href="/wiki/Voluntary_Human_Extinction_Movement" title="Voluntary Human Extinction Movement">Voluntary Human Extinction Movement</a></li> <li><a href="/wiki/World_Population_Conference" title="World Population Conference">World Population Conference</a></li> <li><a href="/wiki/World_Population_Day" title="World Population Day">World Population Day</a></li> <li><a href="/wiki/World_Population_Foundation" title="World Population Foundation">World Population Foundation</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bennett%27s_law" title="Bennett's law">Bennett's law</a></li> <li><a href="/wiki/Green_Revolution" title="Green Revolution">Green Revolution</a></li> <li><a href="/wiki/Human_impact_on_the_environment" title="Human impact on the environment">Human impact on the environment</a></li> <li><a href="/wiki/Human_migration" title="Human migration">Migration</a></li> <li><a href="/wiki/Sustainability" title="Sustainability">Sustainability</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow hlist" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Commons page"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/18px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/24px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span> <b><a href="https://commons.wikimedia.org/wiki/Category:Human_populations" class="extiw" title="commons:Category:Human populations">Commons</a></b></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Population" title="Category:Population">Category</a></li></ul> </div></td></tr></tbody></table></div>    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