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By Bruno COLMANT, Member of the Royal Academy of Belgium
The market economy corresponds to the fact that the allocation of goods and services, as well as their price, is determined by the confrontation of supply and demand as established by the free play of the market. Nevertheless, that is not all: based on its permanent destabilization, the market price is considered superior to any other valuation. Indeed, in a perfectly oiled world, the price of goods and services corresponds always to the conditions of exchange. If the market gives a more accurate valuation of goods and services than public impulses, why bother with the obstacles imposed on its fluidity?
This is how the term market economy became popular in the 1980s. The door was thus...
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