Smith's Hidden Hand
Neo-classical economics holds that, left to themselves, markets will balance supply and demand relatively quickly. If equilibrium does not exist, it will exist in the future, provided obstacles to market functioning are cleared away. But this idea goes right back to the classical political economy of Adam Smith (and even earlier theorists).
Read more about this topic: Law Of Value
Famous quotes containing the words smith, hidden and/or hand:
“Those who talk on the razor-edge of double-meanings pluck the rarest blooms from the precipice on either side.”
—Logan Pearsall Smith (1865–1946)
“Nobody knows what the cause is,
Though some pretend they do;
It’s like some hidden assassin
Waiting to strike at you.
Childless women get it,
And men when they retire;
It’s as if there had to be some outlet
For their foiled creative fire.”
—W.H. (Wystan Hugh)
“Bishop Berkeley destroyed this world in one volume octavo; and nothing remained, after his time, but mind; which experienced a similar fate from the hand of Hume in 1737.”
—Sydney Smith (1771–1845)