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:

    My country, ‘tis of thee,
    Sweet land of liberty,
    Of thee I sing;
    Land where my fathers died,
    Land of the pilgrims’ pride,
    From every mountain-side
    Let freedom ring!
    —Samuel Francis Smith (1808–1895)

    The beginning, middle, and end are parodied, reversed, and hidden by modernism, but not abandoned.
    Mason Cooley (b. 1927)

    Father Time is not always a hard parent, and, though he tarries for none of his children, often lays his hand lightly upon those who have used him well; making them old men and women inexorably enough, but leaving their hearts and spirits young and in full vigour. With such people the grey head is but the impression of the old fellow’s hand in giving them his blessing, and every wrinkle but a notch in the quiet calendar of a well- spent life.
    Charles Dickens (1812–1870)