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)
“Look
There he is now, look:
There is no interrogation in his eyes
Or in the hands, quiet over the horse’s neck,
And the eyes watchful, waiting, perceiving indifferent.
O hidden under the dover’s wing, hidden in the turtle’s breast....”
—T.S. (Thomas Stearns)
“I gave a speech in Omaha. After the speech I went to a reception elsewhere in town. A sweet old lady came up to me, put her gloved hand in mine, and said, “I hear you spoke here tonight.” “Oh, it was nothing,” I replied modestly. “Yes,” the little old lady nodded, “that’s what I heard.””
—Gerald R. Ford (b. 1913)