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:
“Tasting of the sweet damp woods and of the rain one inch above the meadow:
It was like feasting upon air.”
—William Jay Smith (b. 1918)
“For believe me!—the secret to harvesting the greatest abundance and the greatest enjoyment from existence is this—living dangerously! Build your cities on the slopes of Vesuvius! Send your ships into uncharted seas! Live at war with your peers and yourselves! Be robbers and conquerors, so long as you cannot be rulers and possessors, you knowing ones! The time will soon be past when you could be content to live hidden in the forests like timid deer.”
—Friedrich Nietzsche (1844–1900)
“The hand I burned and whose skin is shriveled like that of a mummy’s is less sensitive than the other to cold or heat. My soul is the same; it passed through fire.”
—Gustave Flaubert (1821–1880)