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:
“With the greater part of rich people, the chief enjoyment of riches consists in the parade of riches, which in their eyes is never so complete as when they appear to possess those decisive marks of opulence which nobody can possess but themselves.”
—Adam Smith (1723–1790)
“The knowingness of little girls
Is hidden underneath their curls.”
—Phyllis McGinley (1905–1978)
“Wild Bill was indulging in his favorite pastime of a friendly game of cards in the old No. 10 saloon. For the second time in his career, he was sitting with his back to an open door. Jack McCall walked in, shot him through the back of the head, and rushed from the place, only to be captured shortly afterward. Wild Bill’s dead hand held aces and eights, and from that time on this has been known in the West as “the dead man’s hand.””
—State of South Dakota, U.S. public relief program (1935-1943)