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For centuries, economists have extolled the almost magical properties of competitive markets.\xa0 In the 1770s, Adam Smith wrote about an \u201cinvisible hand\u201d by which individuals end up promoting the common good even though they only ever intended to do themselves a bit of good.\xa0 In the 1970s, Milton Friedman spoke passionately of the virtues of a free-enterprise system in boosting innovation and productive activity.\xa0 Such voices are quieter now and much of modern economic commentary is devoted to how to fix an economy when markets fail or how governments and central banks should seek to manipulate it.\xa0 However, the U.S. economy in the wake of the pandemic should serve as a reminder of the power of simple economics.\xa0 No matter how abnormal the starting point, an economy will, if sufficiently neglected by the government, tend towards balanced growth.