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:
“We need two kinds of acquaintances, one to complain to, while to the others we boast.”
—Logan Pearsall Smith (18651946)
“The human face is a weak guarantee; yet it deserves some consideration. And if I had to whip the wicked, I would do so more severely to those who belied and betrayed the promises that nature had implanted on their brows; I would punish malice more harshly when it was hidden under a kindly appearance.”
—Michel de Montaigne (15331592)
“A thick stick in ones hand makes people respectful.”
—Lewis Carroll [Charles Lutwidge Dodgson] (18321898)