Law of Value - Smith's Hidden Hand

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:

    Heat, ma’am! It was so dreadful here that I found there was nothing left for it but to take off my flesh and sit in my bones.
    —Sydney Smith (1771–1845)

    One never gets to know a person’s character better than by watching his behavior during decisive moments.... It is always only danger which forces the most deeply hidden strengths and abilities of a human being to come forth.
    Stefan Zweig (18811942)

    Aeneas. ‘Tis the old Nestor.
    Hector. Let me embrace thee, good old chronicle,
    That hast so long walked hand in hand with time.
    William Shakespeare (1564–1616)