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:
“Man, born of woman, has found it a hard thing to forgive her for giving him birth. The patriarchal protest against the ancient matriarch has borne strange fruit through the years.”
—Lillian Smith (1897–1966)
“Lap me in soft Lydian airs,
Married to immortal verse,
Such as the meeting soul may pierce
In notes with many a winding bout
Of linked sweetness long drawn out,
With wanton heed and giddy cunning,
The melting voice through mazes running,
Untwisting all the chains that tie
The hidden soul of harmony;”
—John Milton (1608–1674)
“All who wish to hand down to their children that happy republican system bequeathed to them by their revolutionary fathers, must now take their stand against this consolidating, corrupting money power, and put it down, or their children will become hewers of wood and drawers of water to this aristocratic ragocracy.”
—Andrew Jackson (1767–1845)