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:
“When they come downstairs from their Ivory Towers, idealists are very apt to walk straight into the gutter.”
—Logan Pearsall Smith (1865–1946)
“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)
“Look not too long in the face of the fire, O man! Never dream with thy hand on the helm! Turn not they back to the compass; accept the first hint of the hitching tiller; believe not the artificial fire, when its redness makes all things look ghastly.”
—Herman Melville (1819–1891)