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:

    What joy can the years bring half so sweet as the unhappiness they’ve taken away?
    —Logan Pearsall Smith (1865–1946)

    For believe me!—the secret to harvesting the greatest abundance and the greatest enjoyment from existence is this—living dangerously! Build your cities on the slopes of Vesuvius! Send your ships into uncharted seas! Live at war with your peers and yourselves! Be robbers and conquerors, so long as you cannot be rulers and possessors, you knowing ones! The time will soon be past when you could be content to live hidden in the forests like timid deer.
    Friedrich Nietzsche (1844–1900)

    We came into the world like brother and brother;
    And now let’s go hand in hand, not one before another.
    William Shakespeare (1564–1616)