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:
“No sane local official who has hung up an empty stocking over the municipal fireplace, is going to shoot Santa Claus just before a hard Christmas.”
—Alfred E. Smith (1873–1944)
“While it may not heighten our sympathy, wit widens our horizons by its flashes, revealing remote hidden affiliations and drawing laughter from far afield; humor, in contrast, strikes up fellow feeling, and though it does not leap so much across time and space, enriches our insight into the universal in familiar things, lending it a local habitation and a name.”
—Marie Collins Swabey. Comic Laughter, ch. 5, Yale University Press (1961)
“There is gold, and here
My bluest veins to kiss—a hand that kings
Have lipped, and trembled kissing.”
—William Shakespeare (1564–1616)