the.com/free market
the economy's version of natural selection, run by people yelling prices at each other.
means an economic system where prices and production are set by supply and demand rather than government control.
from the phrase crystallized with 18th-century economists like Adam Smith, whose invisible hand metaphor made self-interest look downright civic-minded.
coined bypopularized via adam smith, 1776
no pure versionevery real economy is regulated somewhat
nobel baithalf of economics arguments are about this
not lawlessstill needs enforced contracts and property rights