The miracle of pricing is that it enables individuals to be part of a world-wide supply chain, each prospering by doing their bit without any need to control the work of others. It is, in effect, a brilliantly efficient way of transmitting information. For those of us in business, the setting of prices is a major function. In some businesses, prices are set and remain constant for long periods. In others, such as grocery or airlines, prices are in a constant state of flux. Because pricing is so much part of our daily concern, few of us take time to ponder the wider economic function of prices. It is a miracle that enables scarce economic resources to be allocated in a most efficient manner.
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