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).

Read more about this topic:  Law Of Value

Famous quotes containing the words smith, hidden and/or hand:

    Coleridge received the Person from Porlock
    And ever after called him a curse,
    Then why did he hurry to let him in?
    He could have hid in the house.
    —Stevie Smith (1902–1971)

    And the unfailing sense of being young
    Spread out like a spring-woken tree, wherein
    That hidden freshness sung,
    That certainty of time laid up in store....
    Philip Larkin (1922–1986)

    For a boy to reach adulthood feeling that he knows his father, his father must allow his emotions to be visible—hardly an easy task when most males grow up being either subtly or openly taught that this is not acceptable behavior. A father must teach his son that masculinity and feelings can go hand in hand.
    Kyle D. Pruett (20th century)