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 can’t forgive my friends for dying; I don’t find these vanishing acts of theirs at all amusing.”
—Logan Pearsall Smith (1865–1946)
“The chess-board is the world; the pieces are the phenomena of the universe; the rules of the game are what we call the laws of Nature. The player on the other side is hidden from us. We know that his play is always fair, just, and patient. But also we know, to our cost, that he never overlooks a mistake, or makes the smallest allowance for ignorance.”
—Thomas Henry Huxley (1825–1895)
“If your hand or your foot causes you to stumble, cut it off and throw it away; it is better for you to enter life maimed or lame than to have two hands or two feet and to be thrown into the eternal fire.”
—Bible: New Testament, Matthew 18:8.