The workings or processes of the free market, e.g. the setting of prices by the forces of supply and demand, especially when viewed as sufficient in themselves to regulate the economy without the need for state intervention; (as a count noun) any such process.
Origin
Early 20th century; earliest use found in Quarterly Journal of Economics.
Definition of market mechanism in US English:
market mechanism
noun
Economics
The workings or processes of the free market, e.g. the setting of prices by the forces of supply and demand, especially when viewed as sufficient in themselves to regulate the economy without the need for state intervention; (as a count noun) any such process.
Origin
Early 20th century; earliest use found in Quarterly Journal of Economics.