Law of Value - Smith's Hidden Hand

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:

    The denunciation of the young is a necessary part of the hygiene of older people, and greatly assists the circulation of their blood.
    —Logan Pearsall Smith (1865–1946)

    The knowingness of little girls
    Is hidden underneath their curls.
    Phyllis McGinley (1905–1978)

    “Don’t let him cut my hand off—
    The doctor, when he comes. Don’t let him, sister!”
    So. But the hand was gone already.
    Robert Frost (1874–1963)