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I just finished reading another paper (from a student) and it contains a sentiment that I have seen expressed time and time again:

Smith original believing [sic] that the market always self-regulates and moves into a magical equilibrium

Where is the evidence for this view? And just where are folks learning that this is in fact the view? Did Smith actually write, anywhere, that the “market always self regulates? I have read the W of N twice since I was a student and I do not recall it. Here is a search of the work, I don’t see it. And does Smith argue that markets are always in equilibrium and that if in equilibrium that it has some special properties? Inquiring minds want to know.

I certainly do my best to avoid making broad characterizations of thinkers, thus you’ll see that I try to avoid gross statements like, “Marx believed that ____ always _____” unless of course I have a quote from the source. I urge you to do the same.

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