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:

    How it infuriates a bigot, when he is forced to drag out his dark convictions!
    —Logan Pearsall Smith (1865–1946)

    A woman’s whole life is a history of the affections. The heart is her world: it is there her ambition strives for empire; it is there her avarice seeks for hidden treasures. She sends forth her sympathies on adventure; she embarks her whole soul on the traffic of affection; and if shipwrecked, her case is hopeless—for it is a bankruptcy of the heart.
    Washington Irving (1783–1859)

    Vigil strange I kept on the field one night;
    When you my son and my comrade dropt at my side that day,
    One look I but gave which your dear eyes return’d with a look I
    shall never forget,
    One touch of your hand to mine O boy, reach’d up as you lay on the ground,
    Walt Whitman (1819–1892)