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Sowell says that the law of demand and supply of goods and services in a free market economy determines the prices of specific commodities.
As such, prices are reflective of mutual agreements between the suppliers and consumers and counter the risk of a potentially chaotic and uncontrollable market whereby, a central agency like the ones prevalent in former communistic markets would make huge mistakes in an attempt to control the markets. Nonetheless, the people misconceive the aspect of price in a price directed economy as a barrier to access their favored commodities which is a long drawn concept.
It is important to recognize that prices of commodities are hugely dependent on the market competition. Competition amongst suppliers helps in aversion of the risk that the consumers would suffer given a condition where all suppliers would set their prices.
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