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:
“Our fathers God! to Thee,
Author of liberty,
To Thee we sing;
Long may our land be bright
With freedoms holy light;
Protect us by thy might,
Great God, our King!”
—Samuel Francis Smith (18081895)
“Art for arts sake? I should think so, and more so than ever at the present time. It is the one orderly product which our middling race has produced. It is the cry of a thousand sentinels, the echo from a thousand labyrinths, it is the lighthouse which cannot be hidden ... it is the best evidence we can have of our dignity.”
—E.M. (Edward Morgan)
“Two well-assorted travellers use
The highway, Eros and the muse.
From the twins is nothing hidden,
To the pair is naught forbidden;
Hand in hand the comrades go
Every nook of nature through:
Each for the other they were born,
Each can other best adorn.”
—Ralph Waldo Emerson (18031882)