The so called ‘laws of the market‘, & its ‘self-regulating’ phenomenon.
This article discusses the laws of market, as described by Adam Smith, and how they differ from the current economic scenario. It explains Smith’s advocacy for a free market economy governed by self-interest, competition and demand & supply, and how monopolies and government interventions contradict his theories. The article concludes by highlighting the need to consider these laws of market as a stepping-stone towards analyzing market behavior in different economic situations.