A Perspective On Market Economy
Market economy has come to be accepted as a norm across the world with many developing countries like India and China moving towards a full-market oriented economy. One may ask if there is a flaw in it. Of course, nothing in this world is perfect. It depends on one's criteria. To find a system that suit everybody's needs is literally impossible.
In a “perfect world”, free market leads to complete efficiency bringing about the optimal distribution of a country’s resources. This would only happen in a state of equilibrium or when demand equals supply and there is a unique price for every commodity in question. Buyers are free to purchase any commodity which they like and in whatever amounts. The seller of a good or its producer can also produce whichever product they want to and also increase the capacity of any individual commodity depending upon the forces of the market. Producers are free to undertake the risks and rewards associated with increase in production. There is......
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