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Market: the foundation of economics

In: Buddha, Wisdom and Economics

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Economics is a study of economies and economic activities therein. The foundation of economics is a market where buyers and sellers come together in exchanges of goods and services. A marvel of the market is its ability to set prices/values on goods and services. The price is in turn the allocator of the scarce resources, physical and mental, in the economy. The opposite of the market economy is a Marxist economy or a communist economy. The non-market economic system fails to deliver goods and services desired by its citizens, including leisure, meditation, and environmental protection.

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  • ., 2024. "Market: the foundation of economics," Chapters, in: Buddha, Wisdom and Economics, chapter 4, pages 54-68, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21858_4
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    File URL: https://www.elgaronline.com/doi/10.4337/9781803929330.00011
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    Keywords

    Development Studies; Economics and Finance;

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