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:
“People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.”
—Adam Smith (1723–1790)
“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)
“All who wish to hand down to their children that happy republican system bequeathed to them by their revolutionary fathers, must now take their stand against this consolidating, corrupting money power, and put it down, or their children will become hewers of wood and drawers of water to this aristocratic ragocracy.”
—Andrew Jackson (1767–1845)