Since the seminal work of Adam Smith, markets have been considered an efficienttool for co-ordinating the behaviour of economic agents. The basic characteristicof a market economy is that the complex system of interaction amongindividuals is not centrally coordinated. Under the assumption of...

In recent years the Hungarian milk sector has had serious problems. Since the EU accession, domestic milk production has continuously declined, the balance of the foreign trade of milk and dairy products has deteriorated year after year and the degree of self-sufficiency has fallen below 100%....

Since the seminal work of Adam Smith, markets have been considered an efficient tool for co-ordinating the behaviour of economic agents. The basic characteristic of a market economy is that the complex system of interaction among individuals is not centrally coordinated. Under the assumption of...