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:
“Our fathers’ God! to Thee,
Author of liberty,
To Thee we sing;
Long may our land be bright
With freedom’s holy light;
Protect us by thy might,
Great God, our King!”
—Samuel Francis Smith (1808–1895)
“A hidden strength
Which if Heav’n gave it, may be term’d her own:
‘Tis chastity, my brother, chastity:
She that has that, is clad in compleat steel,
And like a quiver’d Nymph with Arrows keen
May trace huge Forests, and unharbour’d Heaths,
Infamous Hills, and sandy perilous wildes,
Where through the sacred rayes of Chastity,
No savage fierce, Bandite, or mountaneer
Will dare to soyl her Virgin purity,”
—John Milton (1608–1674)
“How shall we sing the Lord’s song in a strange land?
If I forget thee, O Jerusalem, let my right hand forget her cunning.”
—Bible: Hebrew Psalm CXXXVII (l. CXXXVII, 4–5)