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:
“The vitality of a new movement in Art must be gauged by the fury it arouses.”
—Logan Pearsall Smith (18651946)
“... it is a rather curious thing to have to divide ones life into personal and official compartments and temporarily put the personal side into its hidden compartment to be taken out again when ones official duties are at an end.”
—Eleanor Roosevelt (18841962)
“And Change with hurried hand has swept these scenes:
The woods have fallen, across the meadow-lot
The hunters trail and trap-path is forgot,
And fire has drunk the swamps of evergreens;
Yet for a moment let my fancy plant
These autumn hills again: the wild doves haunt,
The wild deers walk: in golden umbrage shut,”
—Frederick Goddard Tuckerman (18211873)