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:
“Our Bog is dood, our Bog is dood,
They lisped in accents mild,
But when I asked them to explain
They grew a little wild.”
—Stevie Smith (19021971)
“A hidden strength
Which if Heavn gave it, may be termd her own:
Tis chastity, my brother, chastity:
She that has that, is clad in compleat steel,
And like a quiverd Nymph with Arrows keen
May trace huge Forests, and unharbourd Heaths,
Infamous Hills, and sandy perilous wildes,
Where through the sacred rayes of Chastity,
No savage fierce, Bandite, or mountaneer
Will dare to soyl her Virgin purity,”
—John Milton (16081674)
“I have a blood bolt
and I have made it mine.
With this man I take in hand
his destiny and with this gun
I take in hand the newspapers and
with my heat I will take him.”
—Anne Sexton (19281974)