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:
“What I like in a good author isn’t what he says, but what he whispers.”
—Logan Pearsall Smith (1865–1946)
“Opinions are to the vast apparatus of social existence what oil is to machines: one does not go up to a turbine and pour machine oil over it; one applies a little to hidden spindles and joints that one has to know.”
—Walter Benjamin (1892–1940)
“Look not too long in the face of the fire, O man! Never dream with thy hand on the helm! Turn not they back to the compass; accept the first hint of the hitching tiller; believe not the artificial fire, when its redness makes all things look ghastly.”
—Herman Melville (1819–1891)