Word: smithian
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Dates: during 1970-1979
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...itself as the drive for profit and produces that great marvel, the self-regulating market. If consumers are free to spend their money any way they wish, and businessmen can compete uninhibitedly for their favor, then capital and labor will flow "naturally" (a favorite Smithian word) into the uses where they are most needed. If consumers want, say, more bread than is being produced, they will pay high prices and bakers will earn high profits. Those profits will lure investors to build more bakeries. If they wind up turning out more bread than consumers want to buy, prices and profits...