Quote:
Originally Posted by GGG
An economy is the name for the interconnected system that turns human labour and Potential energy into useable things for people.
I think you probably have to add some kind of trade of labour for others labour or goods.
Essentially money is a representation of a commitment from the government to provide you with labour at some later date. The economy is the means of fulfilling those promises of the exchange of your labour for the goods you need.
A market economy allows the Parker pricing mechanism to determine the value of labour and the types of goods that are needed where as a centrally planned economy an authority would determine the wages and goods that are produced.
Much like a engine converts gasoline to mechanical power the encompassing turns labour into the things you need.
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I googled "what is the Parker pricing mechanism" and the firsy resukt was your post.
Can you elaborate on "Parker pricing mechanism"?