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:

    I call her old. She has one family
    Whose claim is good to being settled here
    Before the era of colonization,
    And before that of exploration even.
    John Smith remarked them as he coasted by....
    Robert Frost (1874–1963)

    A hidden strength
    Which if Heav’n gave it, may be term’d her own:
    ‘Tis chastity, my brother, chastity:
    She that has that, is clad in compleat steel,
    And like a quiver’d Nymph with Arrows keen
    May trace huge Forests, and unharbour’d Heaths,
    Infamous Hills, and sandy perilous wildes,
    Where through the sacred rayes of Chastity,
    No savage fierce, Bandite, or mountaneer
    Will dare to soyl her Virgin purity,
    John Milton (1608–1674)

    The child hand raised to reach the holding hand. Hold the old holding hand. Hold and be held.
    Samuel Beckett (1906–1989)