In Economics
In economics, a market economy is sometimes said to be self-organizing. Paul Krugman has written on the role that market self-organization plays in the business cycle in his book "The Self Organizing Economy". Friedrich Hayek coined the term catallaxy to describe a "self-organizing system of voluntary co-operation," in regards to the spontaneous order of the free market economy. Most modern economists hold that imposing central planning usually makes the self-organized economic system less efficient. By contrast, some socialist economists consider that market failures are so significant that self-organization produces bad results and that the state should direct production and pricing. Many economists adopt an intermediate position and recommend a mixture of market economy and command economy characteristics (sometimes called a mixed economy). When applied to economics, the concept of self-organization can quickly become ideologically imbued.
Read more about this topic: Self-organization, Examples, Self-organization in Human Society
Famous quotes containing the word economics:
“Women’s battle for financial equality has barely been joined, much less won. Society still traditionally assigns to woman the role of money-handler rather than money-maker, and our assigned specialty is far more likely to be home economics than financial economics.”
—Paula Nelson (b. 1945)
“There is no such thing as a free lunch.”
—Anonymous.
An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)