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:
“We need two kinds of acquaintances, one to complain to, while to the others we boast.”
—Logan Pearsall Smith (1865–1946)
“What has been hidden by snow is revealed by a thaw.”
—Swedish proverb, trans. by Verne Moberg.
“Then the LORD said to Moses, “Stretch out your hand over the sea, so that the water may come back upon the Egyptians, upon their chariots and chariot drivers.” So Moses stretched out his hand over the sea, and at dawn the sea returned to its normal depth. As the Egyptians fled before it, the LORD tossed the Egyptians into the sea.”
—Bible: Hebrew, Exodus 14:26,27.