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| Hockmann, Heinrich; Brosig, Stephan; Popp, Jozsef; Wilkin, Jerzy; Juchniewicz, Małgorzta; Milczarek, Dominika; Ferto, Imre; Forgacs, Csaba; Juhasz, Aniko; Kurthy, Gyongyi; Hein, Piret; Hobbs, Jill E.; Nuppenau, Ernst-August; Brümmer, Bernhard; Zorya, Sergiy; Bakucs, Lajos Zoltan; Bojnec, Stefan; Svetlov, Nikolai M.; Hurrelmann, Annette; Maack, Kai; Hanf, Jon Henrich; Glauben, Thomas; Herzfeld, Thomas; Wang, Xiaobing; Balint, Borbala; Lerman, Zvi; Shagaida, Natalya; Benner, Eckhard; Wandel, Jurgen; Nivievskyi, Oleg; Kuhn, Arnim. |
| Since the seminal work of Adam Smith, markets have been considered an efficient tool for co-ordinating the behaviour of economic agents. The basic characteristic of a market economy is that the complex system of interaction among individuals is not centrally coordinated. Under the assumption of profit and utility maximisation (and a whole set of assumptions about the institutional framework), relative prices and their change over time provide the signals that guide, like an invisible hand, the allocation of resources, i.e., the structure of production and the intensity of input use in the various production processes. They do this by co-ordinating the activities of economic agents, i.e., of resource owners, producers, intermediaries, traders, and... |
| Tipo: Book |
Palavras-chave: Agribusiness; Community/Rural/Urban Development; Industrial Organization; International Development; Labor and Human Capital; Land Economics/Use; Political Economy. |
| Ano: 2005 |
URL: http://purl.umn.edu/93018 |
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