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:
“When they come downstairs from their Ivory Towers, idealists are very apt to walk straight into the gutter.”
—Logan Pearsall Smith (1865–1946)
“Were I a king, I could command content;
Were I obscure, hidden should be my cares;”
—Edward De Vere, 17th Earl of Oxford (1550–1604)
“The hand of the diligent will rule, while the lazy will be put to forced labor.”
—Bible: Hebrew, Proverbs 12:24.