What If There Were No Prices?

By Published on November 10, 2015

To better appreciate the benefits of the price system, it’s helpful to understand what would happen if it didn’t exist. What if there were no prices? How would you use available resources?

To appreciate why market prices are essential to human well-being, economist Howard Baetjer Jr. from Towson University explains market prices through the railroad thought experiment.

Read the article “What If There Were No Prices?” on blog.acton.org.

Print Friendly, PDF & Email

Like the article? Share it with your friends! And use our social media pages to join or start the conversation! Find us on Facebook, Twitter, Instagram, MeWe and Gab.

Inspiration
The Scarcity Mindset
Robert Morris
More from The Stream
Connect with Us