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The Fraser Institute, Essential Austrian Economics: The Market Process

Essential Austrian Economics: The Market Process

One of the distinguishing features of the Austrian School of Economics

is their evolutionary view of the economy.

For many people, including experts, there is a tendency to think about the economy as a machine.

And that the economic machine just needs tweaks here and there to operate smoothly.

But, the Austrian school has a fundamentally different understanding of the economy.

They understand the economy as complex and constantly evolving

as a result of countless individuals making choices based on their preferences and values.

The Austrians refer to this organic understanding of the economy as the Market Process.

For this process to work properly, the Austrians identified four requirements.

The first is property rights. People must be allowed to own

property as well as the fruits of their labour for market exchanges to occur.

Second, prices need to be set, not by government,

but in an open and competitive market that takes account of the scarcity of resources.

Third, entrepreneurs and businesses must be allowed to earn profits but

also suffer losses – including bankruptcy.

Prices, profit, and loss prompt entrepreneurs

and businesses to allocate scarce resources more effectively, and encourages innovation.

The final requirement is that the market process never ends.

As Austrian economist F.A. Hayek explained, the only constant in economics is change.

Understanding the constantly evolving nature of the economy

is key a reason why Austrians advocate only a limited role for government,

and avoiding trying to protect against losses and business closures.

The Austrians recognize that these four pillars support the market process,

which results in ever-improving living standards and well-being for societies that embrace them.

For more information on Austrian Economics, visit EssentialAustrians.org

For more information on Essential Scholars, visit EssentialScholars.org

Essential Austrian Economics: The Market Process Essential Austrian Economics: Der Marktprozess Economía austriaca esencial: El proceso de mercado 필수 오스트리아 경제학: 시장 과정 "Essential Austrian Economics": Rinkos procesas Podstawowa ekonomia austriacka: Proces rynkowy Essential Austrian Economics: O processo de mercado Основные положения австрийской экономики: Рыночный процесс Temel Avusturya Ekonomisi: Piyasa Süreci 基本奥地利经济学》：市场过程奧派經濟學精要：市場過程

One of the distinguishing features of the Austrian School of Economics |||notable||||Austrian School|||Economics |||wyróżniających cech|cech|||||| Eines der charakteristischen Merkmale der Österreichischen Schule der Nationalökonomie Jedną z wyróżniających cech austriackiej szkoły ekonomii Uma das características distintivas da Escola Austríaca de Economia

is their evolutionary view of the economy. ||ewolucyjna|||| jest ich ewolucyjny pogląd na gospodarkę.

For many people, including experts, there is a tendency to think about the economy as a machine. ||||||||tendencja||||||||

And that the economic machine just needs tweaks here and there to operate smoothly. |||||||ajustes||||||sin problemas |||||||調整|||||| |||||||drobne poprawki||||||płynnie |||||||||||||senza intoppi Und dass die Wirtschaftsmaschinerie nur hier und da etwas nachgebessert werden muss, damit sie reibungslos funktioniert.

But, the Austrian school has a fundamentally different understanding of the economy.

They understand the economy as complex and constantly evolving ||||||||ewoluująca |||||||constantementemente|en evolución

as a result of countless individuals making choices based on their preferences and values. ||||innumerables|individuos|||||||| ||||licznych|||||||||

The Austrians refer to this organic understanding of the economy as the Market Process. |Austrians||||natural|||||||| ||se refieren||||||||||| |Austriacy|nazywają|||organiczny|||||||| Austriacy nazywają to organiczne rozumienie gospodarki Procesem Rynkowym.

For this process to work properly, the Austrians identified four requirements. |||||correctly|||||criteria |||||correctamente||austríacos||| |||||prawidłowo|||określili|| ||||||||||要件 Aby ten proces działał prawidłowo, Austriacy zidentyfikowali cztery wymagania.

The first is property rights. People must be allowed to own |||ownership rights||||||| |||||||verbo auxiliar|permitido|| Pierwszym są prawa własności. Ludzie muszą mieć prawo do posiadania

property as well as the fruits of their labour for market exchanges to occur. |||||fruits|||||||| ||||||||pracy|||||nastąpić власність, а також плоди їхньої праці для того, щоб відбувся ринковий обмін.

Second, prices need to be set, not by government,

but in an open and competitive market that takes account of the scarcity of resources. ||||||||||||escasez|| ||||||||||||niedobór||

Third, entrepreneurs and businesses must be allowed to earn profits but |los emprendedores||||||||ganancias| Trzecia (1)|przedsiębiorcy||||||||| Po trzecie, przedsiębiorcy i firmy muszą mieć możliwość osiągania zysków, ale

also suffer losses – including bankruptcy. |ponoszą straty|||bankructwo również ponoszenia strat – w tym bankructwa.

Prices, profit, and loss prompt entrepreneurs ||||przedsiębiorcy| Ceny, zysk i strata skłaniają przedsiębiorców 价格、利润和亏损促使企业家

and businesses to allocate scarce resources more effectively, and encourages innovation. |||||||||promotes|creativity and advancement ||||niedobór zasobów|||||| 和企业更有效地分配稀缺资源，并鼓励创新。

The final requirement is that the market process never ends. ||condition|||||||

As Austrian economist F.A. Hayek explained, the only constant in economics is change. |||F(1)||Hayek||||stała|||| Jak wyjaśnił austriacki ekonomista F.A. Hayek, jedyną stałą w ekonomii jest zmiana.

Understanding the constantly evolving nature of the economy |||ewoluującej|||| Zrozumienie nieustannie ewoluującej natury gospodarki

is key a reason why Austrians advocate only a limited role for government, ||||||||||||governmental authority ||||||opowiadają się|||||| jest kluczowym powodem, dla którego Austriacy popierają jedynie ograniczoną rolę rządu.

and avoiding trying to protect against losses and business closures. |evitando||||||||cierres de negocios

The Austrians recognize that these four pillars support the market process, ||||||filary||||

which results in ever-improving living standards and well-being for societies that embrace them. |||||||||||||przyjmują je|

For more information on Austrian Economics, visit EssentialAustrians.org

For more information on Essential Scholars, visit EssentialScholars.org