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:
“Man, born of woman, has found it a hard thing to forgive her for giving him birth. The patriarchal protest against the ancient matriarch has borne strange fruit through the years.”
—Lillian Smith (1897–1966)
“Love brings to light the lofty and hidden characteristics of the lover—what is rare and exceptional in him: to that extent it can easily be deceptive with respect to what is normal in him.”
—Friedrich Nietzsche (1844–1900)
“See, I am of small account; what shall I answer you? I lay my hand on my mouth. I have spoken once, and I will not answer; twice, but will proceed no further.”
—Bible: Hebrew, Job 40:4-5.
Job to God.