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:
“Jesus died for somebody’s sins but not mine.”
—Patti Smith (b. 1946)
“It is no longer a flame hidden in my veins; now it is Venus in all her might fastened to her prey.”
—Jean Racine (1639–1699)
“Miniver loved the Medici,
Albeit he hand never seen one;
He would have sinned incessantly
Could he have been one.”
—Edwin Arlington Robinson (1869–1935)