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:
“If we shake hands with icy fingers, it is because we’ve burnt them so hatefully before.”
—Logan Pearsall Smith (1865–1946)
“The knowingness of little girls
Is hidden underneath their curls.”
—Phyllis McGinley (1905–1978)
“His leanings were strictly lyrical, descriptions of nature and emotions came to him with surprising facility, but on the other hand he had a lot of trouble with routine items, such as, for instance, the opening and closing of doors, or shaking hands when there were numerous characters in a room, and one person or two persons saluted many people.”
—Vladimir Nabokov (1899–1977)