Equilibrium, Excess-Deficiency, Supply-Demand

A simple and clear example of an arrival at an Economic Equilibrium is when one person, in possession of some object for which they have no need, and the keeping of which is burdensome, gives it to a person who is lacking it.  Likewise, an exchange in which such balance is achieved involves reciprocal excess-deficiency transfers.  Accordingly, the best evidence of Equilibrium is the absence of both Excess and Deficiency.  In contrast, Smith and his followers conceive 'equilibrium' as the termination of a process of negotiation between a party that can supply an item to someone for whom it is the object of a wish, the immediate evidence of which is merely an actual exchange.  Thus, since, on that basis, 'equilibrium' can be attributed to any transaction, it can be conceived as inhering in all Economic activity, and attributed to a 'Law of Supply and Demand', or to an 'Invisible Hand'.  The discrepancy between the two concepts of Equilibrium is manifest where grotesque excess and deficiency are validated as the products of an immutable Law, or, equivalently, of a sacrosanct Hand.