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:
“I would rather be remembered by a song than by a victory.”
—Alexander Smith (1830–1867)
“It is very hard to give a just definition of love. The most we can say of it is this: that in the soul, it is a desire to rule; in the spirit, it is a sympathy; and in the body, it is but a hidden and subtle desire to possess—after many mysteries—what one loves.”
—François, Duc De La Rochefoucauld (1613–1680)
“There is one thing that the American people always rise to and extend their hand to and that is the truth of justice, and of liberty, and of peace. We have accepted that truth and we are going to led by it ... and through us the world, out into pastures of quietness and peace such as the world never dreamed of before.”
—Woodrow Wilson (1856–1924)