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:
“People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.”
—Adam Smith (17231790)
“And the unfailing sense of being young
Spread out like a spring-woken tree, wherein
That hidden freshness sung,
That certainty of time laid up in store....”
—Philip Larkin (19221986)
“And Change with hurried hand has swept these scenes:
The woods have fallen, across the meadow-lot
The hunters trail and trap-path is forgot,
And fire has drunk the swamps of evergreens;
Yet for a moment let my fancy plant
These autumn hills again: the wild doves haunt,
The wild deers walk: in golden umbrage shut,”
—Frederick Goddard Tuckerman (18211873)