Price

Abstract

In a free enterprise exchange economy of the type discussed in this book the owners of resources are free to enter into production or to sell the use of the resources to others. Products and output may be sold freely. In this situation chaos might be expected to result from the lack of organisation, yet horticultural produce finds a customer either at home or overseas, factory workers are fed and clothed and the products of their labours also find a sale. Although not immediately apparent there is a system operating which some economists have referred to as the ‘invisible hand’.