price mechanism

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The regulation of economic activity by supply. Hayek (1945) Amer. Econ Rev. 35 described the price mechanism as ‘that division of labour on which our civilization is based’. The spatial impossibility theorem tells us that price mechanism does not work in a homogeneous spatial economy (Ottaviano and Thiesses (2005) Env. & Plan. A 37, 10. Pricing policies are the arrangements whereby prices of commodities to the consumer are determined; see, for example, Arentze and Timmermans (2007) J. Transp. Geog. 15, 1.

Subjects: Economics — Earth Sciences and Geography.

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