Second Note to “Hidden Gems, Northern Virginia”

Arguably, every little thing in the world is subject to the laws of the market. Also, when we seek to analyze or explain anything, we need to begin with basic concepts and definitions. So we defined the term “market.” And there are basically four laws to the market: preference, taste, supply, and demand. Price is determined by these four laws of the market. Some things in the market change in price as a result of changes in preference, taste, supply, and demand. But some prices don’t really change. This is known as price elasticity or inelasticity. Some things in the market don’t even really have a price to begin with. Ask any store keeper in the Grand Bazaar in Istanbul, for instance. In many cases, when you walk into it, you won’t find price tags anywhere. The price you end up paying to a storekeeper is subject to the laws of the market we just highlighted. Hence, it is better to let the market just operate freely, with as little government oversight and regulation as possible. Of course, you’ll need government regulation and intervention in certain cases. But government regulation and intervention is not necessary all the time. The market always takes on a life of its own. The market is controlled by an “invisible hand” to borrow from Adam Smith.