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:
“He sowed our spawn in the world’s dim dawn,
And I know that it shall not die;”
—Langdon Smith (1858–1908)
“The human face is a weak guarantee; yet it deserves some consideration. And if I had to whip the wicked, I would do so more severely to those who belied and betrayed the promises that nature had implanted on their brows; I would punish malice more harshly when it was hidden under a kindly appearance.”
—Michel de Montaigne (1533–1592)
“Nobody of any real culture, for instance, ever talks nowadays about the beauty of sunset. Sunsets are quite old fashioned.... To admire them is a distinct sign of provincialism of temperament. Upon the other hand they go on.”
—Oscar Wilde (1854–1900)