The actual Bretton Woods system failed because the Fed did not manage the size of the monetary base so as to keep the free market price of gold equal to the official price.
The beauty of the free-market price system is that all prices are the result of voluntary exchange and, hence, reflect the personal preferences of all members of society.
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He observed that it was possible to provide good health care at an affordable cost through the free market, rationing it by price.
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This is an abysmal failure of free market forces to converge the end price with the cost of production.
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In a free market economy, the recession itself causes price changes that create incentives for job creation.
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It also managed to narrow the gap between the official exchange rate and the price of the dollar in the free market.
The actual technology used to generate electrical energy has only a weak influence on the cleared price of energy in a large free market of this sort.
Then he bought cars at the cheap official price and sold them at the free-market one.
This is not the same thing as grasping the centrality of the price system to resource use in a free market economy.
To get cost saving with greater choice and high quality care, Gingrich relies upon the market which puts the patient at the center of the system where choice can be made by knowing the actual price and quality like everywhere else in the free market.
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Eventually, the free market steps in and prices begin going down when other nearby stations reduce their price.
By using flash, we're able to provide the same price as what's on the taker market but for free.
Despite espousing free-market principles, Nixon actually went on to impose wage-and-price controls as well as protectionist measures on foreign trade.
Power generation operates in a free market (subject to all the usual rules on safety etc) and the price which the grid can charge for carrying the power is regulated.
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Time tested economic theory tells us that in a free, unfettered market not constrained by onerous barriers to entry, the long term price of a commodity will approach its marginal cost of production.
When interest rates are allowed to float free of central bank intervention, the happy consequence of such a market-driven price is that in reaching natural levels conceived in the marketplace, the supply of and demand for credit is equalized.
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Given that we live in a mostly free market, an economist would tell you the natural thing would be to increase the price, which is what usually happens to commodities when demand outstrips supply.
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This risk-free arbitrage trade locked in a small profit for the institutional investor and kept the SuperUnit market price in line with its underlying value.
Like many of his brethren, Bernanke confuses price changes that result from supply-and-demand factors in a free market with those that result from debasing the currency.
That would free it from having to sell its debt in the market, and so from paying the market price for its profligacy.
But in reality, deflation is the free-market approach to rectify a secular period of superfluous money supply growth, debt accumulation and asset price appreciation.
Going back to voucherized Medicare: The real problem is that you cannot implement a very free-market type reform such as vouchers into a system that is so wracked with perverse incentives, cartelized price schemes, and opaque layers upon layers of bureaucracy and expect anything but an unmitigated disaster and increased inequity.
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