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daringabroad In addition to considerable degree of economic efficiency, the price and market system affords participants a large measure of economic freedom. Producers are free to produce, within broad limits, products which they perceive to be profitable, and in such a way as to minimize costs. Consumers are free to purchase goods according to the pattern which maximizes their utility.So far so good, one can broadly commend the performance of prices and markets for promoting economic efficiency and economic freedom. Some people have extended this to promote a minimum of government ‘interference’ with an economic system. This is sometimes referred to as ‘laissez-faire’ capitalism, where the economic role of government is limited t the establishment of a monetary system and a legal framework within which prices and markets can operate. Such a framework provides a monetary system, provides for a system of weights and measures, provides for enforcement of contracts and enables commercial activities to be carried out.