Self-Adjustment in a Market Economy
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...
