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:

    “There are people who, like houses, are beautiful in dilapidation.”
    —Logan Pearsall Smith (1865–1946)

    “One never gets to know a person’s character better than by watching his behavior during decisive moments.... It is always only danger which forces the most deeply hidden strengths and abilities of a human being to come forth.”
    —Stefan Zweig (18811942)

    “I wolde no lenger in the bed abide
    If that I felte his arm over my side,
    Til he hadde maad his raunson unto me;
    Thanne wolde I suffre him do his nicetee.
    And therfore every man this tale I telle:
    Winne whoso may, for al is for to selle;
    With empty hand men may no hawkes lure.”
    —Geoffrey Chaucer (1340?–1400)