Law of Value - Smith's Hidden Hand

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:

    What joy can the years bring half so sweet as the unhappiness they’ve taken away?
    —Logan Pearsall Smith (1865–1946)

    The priesthood in many ways is the ultimate closet in Western civilization, where gay people particularly have hidden for the past two thousand years.
    Bishop John Spong (b. 1931)

    I wolde no lenger in the bed abide
    If that I felte his arm over my side,
    Til he hadde maad his raunson unto me;
    Thanne wolde I suffre him do his nicetee.
    And therfore every man this tale I telle:
    Winne whoso may, for al is for to selle;
    With empty hand men may no hawkes lure.
    Geoffrey Chaucer (1340?–1400)