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:
“What joy can the years bring half so sweet as the unhappiness they’ve taken away?”
—Logan Pearsall Smith (1865–1946)
“Everything I do is done within sight of the Führer, so that my faults or mistakes are never hidden from him. I do my very utmost to live and act in such a manner that the Führer should remain satisfied with me; I am hard-working; but whether I shall always be able to cope with the tasks entrusted to me in the future as well, is an open question.”
—Martin Bormann (1900–1945)
“Any newspaper, from the first line to the last, is nothing but a web of horrors.... I cannot understand how an innocent hand can touch a newspaper without convulsing in disgust.”
—Charles Baudelaire (1821–1867)