28. The Law of the Market
The market is where buyers and sellers of products and services meet to set prices and determine the allocation of money, labor, materials, and all factors of production.
The market is a fictitious place, existing everywhere and nowhere. The market represents all of the millions of buying and selling decisions that take place every day at every level of society and in every area of private and public enterprise. The sum total of all of these decisions determines the prices of virtually everything that is not government controlled in our society.
The first corollary of the Law of the Market is In a free market, resources will be allocated with complete efficiency and prices will accurately reflect supply and demand ...
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