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:

    “Most people sell their souls, and live with a good conscience on the proceeds.”
    —Logan Pearsall Smith (1865–1946)

    “It is no longer a flame hidden in my veins; now it is Venus in all her might fastened to her prey.”
    —Jean Racine (1639–1699)

    “High on a throne of his own labors reared.
    At his right hand our young Ascanius sate,
    Rome’s other hope and pillar of the state.
    His brows thick fogs, instead of glories, grace,
    And lambent dullness played around his face.”
    —John Dryden (1631–1700)