The European Commission's recommendation came after last Friday's general meeting of the ICAO, which agreed to move towards a market-based mechanism for emissions trading.
We have a market-based mechanism for determining the value of currencies.
Early last year another group of U.S. businesses, known as the U.S. Climate Action Partnership, also rallied around the creation of a market-based mechanism for lowering greenhouse gas emissions.
Problems occur with corporate bond ETFs in a fast-moving market because the arbitrage mechanism starts breaking down.
Economic liberals argue that the market itself is the greatest price-discovery mechanism known to man.
The decree said the government should pull out from matters that can be self-regulated by trade guilds and market mechanism, said the editorials.
BBC: China morning round-up: Nobel Literature Prize to China
The inherent self-correcting mechanism that is our free market economy can fix a hole in the dike faster and more efficiently than directed change from government dictate.
Granted, that is small beer, given that prices have trebled since the central London property market took off after Britain was ejected from the exchange-rate mechanism in 1992.
Ultimately, a mechanism for licence-holders to trade their rights on a secondary market, similar to a bond or commodity market, could lead to more efficient allocation.
At which point the problem reverts back to the previous problem facing any central bank trying to manage a fiat currency a problem the post-Bretton-Woods experience has revealed to be insoluble without a market-based link to a hard commodity like gold to reveal money demand through the price mechanism.
FORBES: Mundell's Dollar/Euro Fix Doesn't Fix Our Currency Mess
Unlike the classical gold standard, there is no market feedback mechanism to bring the quantity of money in line with the demand for money while maintaining long-run price stability.
FORBES: The Limits Of Monetary Policy Call For Moral, Sound Money
The inability of the market mechanism to achieve a higher efficiency value is due, in part, to the incentive U-Type bidders have to strategically reduce their demands for the second block of spectrum.
应用推荐