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:

    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 (1902–1971)

    A hidden strength
    Which if Heav’n gave it, may be term’d her own:
    ‘Tis chastity, my brother, chastity:
    She that has that, is clad in compleat steel,
    And like a quiver’d Nymph with Arrows keen
    May trace huge Forests, and unharbour’d 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 (1608–1674)

    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 (1928–1974)