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Abstract

A HIERARCHIC, non-competitive system has to rely on deliberate organization or planning for the fulfilment of its economic aims, but in a free market economy this function is automatically performed by competition, which distributes work and co-ordinates activity so as to achieve the maximum satisfaction of wants under any given distribution of income.

Keywords

Demand Curve Social Security Benefit Monopoly Price Maximum Price Competitive Mechanism 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© International Economic Association 1954

Authors and Affiliations

  • W. A. Jöhr
    • 1
  1. 1.HandelshochschuleSt. GallenSwitzerland

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