Five Functions of Economic Systems
Dublin Core
Title
Five Functions of Economic Systems
Creator
Frank Knight
Source
The Economic Organization
Publisher
University of Chicago,
Date
1933
Text Item Type Metadata
Text
"1) What is to be done, that is what goods and services are to be produced, and in what proportions;
2) Organizing production, in the narrow sense, of getting done the things settled as most worth doing;
3) Distribution, the apportioning the products among members of society;
4) Maintaining and improving the social structure, Promoting social progress;
5) To Adjust Consumption to Production within Very Short Periods"
2) Organizing production, in the narrow sense, of getting done the things settled as most worth doing;
3) Distribution, the apportioning the products among members of society;
4) Maintaining and improving the social structure, Promoting social progress;
5) To Adjust Consumption to Production within Very Short Periods"
Collection
Citation
Frank Knight, “Five Functions of Economic Systems,” History of Economics, accessed April 17, 2026, https://www.historysandd.margobergman.org/items/show/58.