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 (19021971)
“Love brings to light the lofty and hidden characteristics of the loverwhat is rare and exceptional in him: to that extent it can easily be deceptive with respect to what is normal in him.”
—Friedrich Nietzsche (18441900)
“We came into the world like brother and brother;
And now lets go hand in hand, not one before another.”
—William Shakespeare (15641616)