In economics, a price system is any economic system that affects its distribution of goods and services with prices and employing any form of money. Except for possible remote and primitive communities, all modern societies use price systems to allocate resources. However, price systems are not used exclusively for all resource allocation decisions.
Read more about Price System: Fixed Price Versus Free Price Systems, History, Friedrich A. Hayek On The Price System
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“Forced from home, and all its pleasures,
Afric’s coast I left forlorn;
To increase a stranger’s treasures,
O’er the raging billows borne.
Men from England bought and sold me,
Paid my price in paltry gold;
But, though theirs they have enroll’d me,
Minds are never to be sold.”
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“For the universe has three children, born at one time, which reappear, under different names, in every system of thought, whether they be called cause, operation, and effect; or, more poetically, Jove, Pluto, Neptune; or, theologically, the Father, the Spirit, and the Son; but which we will call here, the Knower, the Doer, and the Sayer. These stand respectively for the love of truth, for the love of good, and for the love of beauty.”
—Ralph Waldo Emerson (1803–1882)