A Functioning Price System
摘要
This chapter outlines the outstanding importance of the price system and briefly discusses the corresponding conditions. It examines the extent to which digital technology makes a difference. In a first step, it focuses on how prices are formed in concrete terms and to what extent digitalisation has a transformational effect in this context, e.g. with regard to the new level of transparency, prices set by algorithms, price discrimination and dynamic pricing. The chapter then discusses the consequences for economic policy and explains the extent to which there is a crucial link between the price system and the normative foundations of the economy.