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| | Economics in One Lesson, The Lesson Applied, How the Price System Works |
 | | Prices are determined by supply and demand, and demand is determined by how intensely people want a commodity and what they have to offer in exchange for it. |
 | | The private enterprise system, then, might be compared to thousands of machines, each regulated by its own quasi-automatic governor, yet with these machines and their governors all interconnected and influencing each other, so that they act in effect like one great machine. |
 | | For they are solved by a system under which each consumer makes his own demand and casts a fresh vote, or a dozen fresh votes, every day; whereas bureaucrats would try to solve it by having made for the consumers, not what the consumers themselves wanted, but what the bureaucrats decided was good for them. |
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