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:
“This place is the longest running farce in the West End.”
—Cyril Smith (b. 1928)
“There comes a time in every rightly constructed boys life when he has a raging desire to go somewhere and dig for hidden treasure.”
—Mark Twain [Samuel Langhorne Clemens] (18351910)
“It is fair to assume that when women in the past have achieved even a second or third place in the ranks of genius they have shown far more native ability than men have needed to reach the same eminence. Not excused from the more general duties that constitute the cement of society, most women of talent have had but one hand free with which to work out their ideal conceptions.”
—Anna Garlin Spencer (18511931)