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Harry
What does "global mechanism" mean? What does "global mechanism" mean?The market took on the sense of an impersonal, global mechanism by which supply meets demand at some equilibrium price.
Feb 25, 2014 3:23 AM
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It means that it works everywhere in a way that is very mechanical, deterministic, or predictable -- all of which are impersonal. So, throughout the world, the economics "mechanism" causes supply, demand, and price to adjust until the price stabilizes.
February 25, 2014
Harry
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