DS Legacy

Self-Adjustment in a Market Economy Richard A. Stanford Professor of Economics, Emeritus Furman University Greenville, SC 29613 Copyright 2024 by Richard A. Stanford All rights reserved. No part of this work may be reproduced, stored, or transmitted by any means without written permission of the author except for brief excerpts used in critical analyses and reviews. Unauthorized reproduction of any part of this work is illegal and is punishable under the copyright laws of the United States of America. <Return to Essays Menu.> Self-Adjustment in a Market Economy The genius of an economy organized around markets is that it contains self-adjusting mechanisms that come into operation automatically at the microeconomic level when disequilibrium conditions occur. A market economy needs no commissariat to direct production, allocate resources, or distribute product. The question that continues to be debated is whether th...

Collected Works of Richard A. Stanford   Richard A. Stanford is Professor of Economics, Emeritus, Furman University, Greenville, South Carolina.  These blog posts constitute publication and enable access to Stanford's essays that are not otherwise published. Brief quotation of matter in any of the essay posts may be made with proper citation. Menu   1. Economic Implications   2. Economic Issues   3. Family Ancestry Stories   4. Travel Abroad   5. Graphic Art   6. Manuscripts   7. Alternate Views INTRODUCTION These works were posted to serve two objectives: first, so that my descendants can have a sense of their ancestor's interests and concerns; and second, to provide an archive of descriptions of the economic aspects and issues affecting the world of the early twenty-first century. The economic world of the early twenty-first century ...