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:
“A man’s real possession is his memory. In nothing else is he rich, in nothing else is he poor.”
—Alexander Smith (1830–1867)
“The chess-board is the world; the pieces are the phenomena of the universe; the rules of the game are what we call the laws of Nature. The player on the other side is hidden from us. We know that his play is always fair, just, and patient. But also we know, to our cost, that he never overlooks a mistake, or makes the smallest allowance for ignorance.”
—Thomas Henry Huxley (1825–1895)
“ah! the uplifted sword
Of his hand again my bosom! and oh, the broad
Blade of his glance that asks me to applaud
His coming!”
—D.H. (David Herbert)