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 have not had major experience of talking with people once pronounced brain-dead, but I think we could be safe in saying he did not have great zip.”
—Sir Howard Smith (b. 1919)
“The knowingness of little girls
Is hidden underneath their curls.”
—Phyllis McGinley (1905–1978)
“It is impossible, as impossible as to raise the dead, to restore anything that has ever been great or beautiful in architecture. That which I have ... insisted upon as the life of the whole, that spirit which is given only by the hand and eye of the workman, can never be recalled.”
—John Ruskin (1819–1900)