What would happen if you organized more of the economy with guilds. What would happen if you organized more of the economy with markets.

What would happen if you organized more of the economy with guilds.

The economy could result in higher levels of specialized knowledge within the guilds, but the problem is that the economy would be more closed. The guilds keep some workers out, and this would distort not ony the labor market, but also the production of goods and services.

What would happen if you organized more of the economy with markets.

Markets have shown to be the most effective way to organize the economy. The free exchange of goods and services among producers and consumers, through the forces of supply and demand, promotes the efficient distribution and use of economic resources.

More markets would likely make the economy more efficient and productive, meaning that the living standards of people would increase.

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