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:
“How it infuriates a bigot, when he is forced to drag out his dark convictions!”
—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)
““Maman”, said Annaïse, her voice strangely weak. “Here is the water.”
A thin blade of silver came forward in the plain and the peasants ran alongside it, crying and singing.
...
“Oh, Manuel, Manuel, why are you dead?” moaned Délira.
“No”, said Annaïse, and she smiled through her tears, “no, he is not dead”.
She took the old woman’s hand and pressed gently against her belly where new life stirred.”
—Jacques Roumain (1907–1945)