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).

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    Tasting of the sweet damp woods and of the rain one inch above the meadow:

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    —William Jay Smith (b. 1918)

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    Friedrich Nietzsche (1844–1900)

    The hand I burned and whose skin is shriveled like that of a mummy’s is less sensitive than the other to cold or heat. My soul is the same; it passed through fire.
    Gustave Flaubert (1821–1880)