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:
“He sowed our spawn in the world’s dim dawn,
And I know that it shall not die;”
—Langdon Smith (1858–1908)
“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)
“Whatever your hand finds to do, do with your might; for there is no work or thought or knowledge or wisdom in Sheol, to which you are going.”
—Bible: Hebrew, Ecclesiastes 9:10.