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 human heart dares not stay away too long from that which hurt it most. There is a return journey to anguish that few of us are released from making.”
—Lillian Smith (1897–1966)
“The human face is a weak guarantee; yet it deserves some consideration. And if I had to whip the wicked, I would do so more severely to those who belied and betrayed the promises that nature had implanted on their brows; I would punish malice more harshly when it was hidden under a kindly appearance.”
—Michel de Montaigne (1533–1592)
“So long as you write what you wish to write, that is all that matters; and whether it matters for ages or only for hours, nobody can say. But to sacrifice a hair of the head of your vision, a shade of its colour, in deference to some Headmaster with a silver pot in his hand or to some professor with a measuring-rod up his sleeve, is the most abject treachery, and the sacrifice or wealth and chastity, which used to be said to be the greatest of human disasters, a mere flea-bite in comparison.”
—Virginia Woolf (1882–1941)