An economic system is a set of institutional rules that allocate resources and distributes outcomes among different agents within a society. It defines agents' behaviour in terms of production, consumption, exchange, distribution and accumulation of wealth. These institutional rules aim to regulate the behaviour of economic agents in order to create the most efficient use of scarce resources to ensure the satisfaction of society's needs and wants. An economic system seeks to eliminate waste, provide meaningful employment and secure the necessary conditions for a fair distribution of wealth and resources.

See also: neoliberal capitalism, capitalist system, post capitalism, late-stage capitalism, thought form