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:
“Many of our daydreams would darken into nightmares, were there a danger of their coming true!”
—Logan Pearsall Smith (1865–1946)
“Our courage breaks like an old tree in a black wind and dies,
But we have hidden in our hearts the flame out of the eyes
Of Cathleen, the daughter of Houlihan.”
—William Butler Yeats (1865–1939)
“The hand I burned and whose skin is shriveled like that of a mummy’s is less sensitive than the other to cold or heat. My soul is the same; it passed through fire.”
—Gustave Flaubert (1821–1880)