Supply and Demand by Hubert D. Henderson
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economic system immeasurably larger and more powerful than
itself. There it must meet--the better perhaps for its inherent strength and accumulated knowledge--the impact of rude forces, which it is powerless to control. Beneath the blasts of a trade depression, or some other tendency of world-wide scope, the authority of the mightiest industrial magnate, and equally of any Government, assumes the same essential insignificance as the pride of a man humbled by contact with the elemental powers of nature. ยง3. _The Existence of Order_. The parallel can be pursued further with advantage. Just as in the world of natural phenomena, which for long seemed to man so wayward and inexplicable, we have come gradually to perceive an all-pervading uniformity and order; so there is manifest in the economic world, uniformity, order, of a similar if less majestic kind. Upon the cooperation of his fellowmen, man depends for the very means of life: yet he takes this cooperation for granted, with a complacent confidence and often with a naive unconsciousness, as he takes the rising of to-morrow's sun. The reliability of this unorganized cooperation has powerfully impressed the imagination of many observers. "On entering Paris which I had come to visit," exclaimed Bastiat some seventy years ago, "I said to myself--Here are a million of human beings who would all die in a short time if provisions of every kind ceased to flow towards this great metropolis. Imagination is baffled when it tries to appreciate the vast multiplicity of commodities which must enter to-morrow through the barriers in order to preserve the inhabitants from falling a prey to the convulsions of famine, rebellion, and pillage. And yet all sleep at this moment, and their |
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