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 (1723–1790)
“Most men have like plants hidden properties, which chance discloses.”
—François, Duc De La Rochefoucauld (1613–1680)
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Both foot and hand go cold;
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Whether it be new or old!”
—William Stevenson (1530?–1575)