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:
“Heat, maam! It was so dreadful here that I found there was nothing left for it but to take off my flesh and sit in my bones.”
—Sydney Smith (17711845)
“It is very hard to give a just definition of love. The most we can say of it is this: that in the soul, it is a desire to rule; in the spirit, it is a sympathy; and in the body, it is but a hidden and subtle desire to possessafter many mysterieswhat one loves.”
—François, Duc De La Rochefoucauld (16131680)
“My hand and pen are not in plight,
As they have been of yore.”
—Thomas Vaux, 2d Baron Vaux Of Harrowden (15101566)