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:
“He who goes against the fashion is himself its slave.”
—Logan Pearsall Smith (1865–1946)
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—Bible: Hebrew, Job 3:20-22.
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