Whither Capitalism? by Makoto Nishibe

Author:Makoto Nishibe
Language: eng
Format: epub
ISBN: 9789811307041
Publisher: Springer Singapore

Advantages and Disadvantages of Autonomous Distributed Market

Finally, let’s organize our thoughts, from the perspective of autonomous distributed market, on how we can comprehend merits and demerits of market. Under certain conditions, there are three advantages of the market as follows:1.If firms freely compete in a market, the price of the same commodities will decrease as a consequence of price competition. Then, people’s standard of living is supposed to improve.

2.As a result of innovation and diffusion through the introduction of new technologies and new products by firms, price reduction and quality improvement of the same products, as well as diversification of technologies and products, will be achieved. Accordingly, the freedom of choice as the potential for realizing human happiness expands, and people’s life satisfaction is supposed to rise.

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