An economic system is the combination of the various institutions, agencies, consumers, entities (or even sectors as described by some authors) that comprise the economic structure of a given society or community. It also includes how these various agencies and institutions are linked to one another, how information flows between them, and the social relations within the system (including property rights and the structure of management). A related concept is the mode of production.
The economic system involves production, allocation of economic inputs, distribution of economic outputs, land availability, households (earnings and expenditure consumption of goods and services in an economy), financial institutions and government policies. It involves a set of institutions and their various social relations.
Alternatively, it is the set of principles by which problems of economics are addressed, such as the economic problem of scarcity through allocation of finite productive resources. An economic system is composed of people, institutions, rules, and relationships. For example, the convention of property, the institution of government, or the employee-employer relationship. Examples of contemporary economic systems include capitalist systems, socialist systems, and mixed economies. Today the world largely operates under a global economic system based on the capitalist mode of production.
"Economic systems" is the economics category that includes the study of such systems. It includes comparative economic systems as a subfield.
Other articles related to "economic system, economic systems, economics, system, economic":
... discussion to help reach a consensus.› This list attempts to sort all possible economic systems in alphabetical order, without any division or ... Anarcho-communism Autarky Barter economy Buddhist economics Capitalism Colonialism Communism Corporatism Corporate capitalism Digital economy Distributism Dirigisme Fascist socialization ...
... before implementing changes to the economic system, claiming "that false unanimity is pernicious and debate and healthy disagreement must be encouraged" ... on to say that with updating rather than reforming, the Cuban state economic system would remain highly centralised, although some businesses, such as ... On the updating of the economic system he stated that newly established private markets would prioritise the interest of socialism, and not those of ...
... The media depend on a society's economic system for 1) inculcation and reinforcement of free enterprise values, 2) establishing and maintaining linkages between producers and sellers, and 3) controlling and ... In turn, the media is dependent on a society's economic system for 1) profit from advertising revenue, 2) technological developments that reduce costs and compete effectively with other media outlets, and 3 ...
... Pasinetti’s first major contribution to economics was probably "the mathematical formulation of the Ricardian system", published in 1960 in a paper now considered classical ... and elegant (and pedagogically effective) analysis of the basic aspects of classical economics ... masterful editorial works ever to be published in economics and scholars were wondering how Sraffa’s remarkable work could clarify and enrich the interpretation of Classical economics ...
... production, as well as a social, political and economic ideology that aims at the establishment of this social order ... communists in regards to how to build the types of institutions that would replace the various economic engines (such as food distribution, education, and hospitals) as ... controlled by communist parties, regardless of the practical content of the actual economic system they may preside over ...
Famous quotes containing the words economic system, system and/or economic:
“Politics at all times lead to bloody wars, and not only politics, but also religions as well as social and economic systems of all times are spattered with blood. Invariably the big ones devoured the little ones, and the little ones the tiny ones.”
—Friedrich Dürrenmatt (19211990)
“Whoever places his trust into a system will soon be without a home. While you are building your third story, the two lower ones have already been dismantled.”
—Franz Grillparzer (17911872)
“The idealists programme of political or economic reform may be impracticable, absurd, demonstrably ridiculous; but it can never be successfully opposed merely by pointing out that this is the case. A negative opposition cannot be wholly effectual: there must be a competing idealism; something must be offered that is not only less objectionable but more desirable.”
—Charles Horton Cooley (18641929)