Law of Value - Smith's Hidden Hand

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:

    “Not ringed but rare, not gilled but polyp-like, having sprung up
    overnight—

    These mushrooms of the gods, resembling human organs uprooted,
    rooted only on the air,”
    —William Jay Smith (b. 1918)

    “It is generally a feminine eye that first detects the moral deficiencies hidden under the “dear deceit” of beauty.”
    —George Eliot [Mary Ann (or Marian)

    “You know how cunningly mankind is planned:
    We have one loving and one hating hand.
    The loving’s made to hold each other like,
    While with the hating other hand we strike.”
    —Robert Frost (1874–1963)