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:
“This place is the longest running farce in the West End.”
—Cyril Smith (b. 1928)
“The knowingness of little girls
Is hidden underneath their curls.”
—Phyllis McGinley (1905–1978)
“The first duty of a lecturer—to hand you after an hour’s discourse a nugget of pure truth to wrap up between the pages of your notebooks and keep on the mantlepiece for ever.”
—Virginia Woolf (1882–1941)