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:

    “Heat, ma’am! It was so dreadful here that I found there was nothing left for it but to take off my flesh and sit in my bones.”
    —Sydney Smith (1771–1845)

    “A book is a part of life, a manifestation of life, just as much as a tree or a horse or a star. It obeys its own rhythms, its own laws, whether it be a novel, a play, or a diary. The deep, hidden rhythm of life is always there—that of the pulse, the heart beat.”
    —Henry Miller (1891–1980)

    “Aeneas. ‘Tis the old Nestor.
    Hector. Let me embrace thee, good old chronicle,
    That hast so long walked hand in hand with time.”
    —William Shakespeare (1564–1616)