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:

    If we shake hands with icy fingers, it is because we’ve burnt them so hatefully before.
    —Logan Pearsall Smith (1865–1946)

    Most men have like plants hidden properties, which chance discloses.
    François, Duc De La Rochefoucauld (1613–1680)

    Nine-tenths of English poetic literature is the result either of vulgar careerism or of a poet trying to keep his hand in. Most poets are dead by their late twenties.
    Robert Graves (1895–1985)