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:
“Our Bog is dood, our Bog is dood,
They lisped in accents mild,
But when I asked them to explain
They grew a little wild.”
—Stevie Smith (1902–1971)
“When a thing is funny, search it for a hidden truth.”
—George Bernard Shaw (1856–1950)
“My love—my faith—should instil into your bosom a praeternatural calm. You would rest from care.... You would get better.... And if not, Helen,... if you died—then at least would I clasp your dear hand in death, and willingly—oh, joyfully ... go down with you into the night of the Grave.”
—Edgar Allan Poe (1809–1849)