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.


Demand Curve Social Security Benefit Monopoly Price Maximum Price Competitive Mechanism 
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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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