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)
“He will deliver you from six troubles; in seven no harm shall touch you. In famine he will redeem you from death, and in war from the power of the sword. You shall be hidden from the scourge of the tongue, and shall not fear destruction when it comes. At destruction and famine you shall laugh, and shall not fear the wild animals of the earth. For you shall be in league with the stones of the field, and the wild animals shall be at peace with you.”
—Bible: Hebrew, Job 5:19-23.
“Do not be discouraged, if in a thousand instances you find your kindness rejected and wronged, your good evil-spoken of, and the hand you extend for the relief of others, cast insultingly away; the benevolence which cannot outlive these trials of its purity and strength, is not like the self-sacrifice of him, who went about doing good.”
—C., U.S. women’s magazine contributor. American Ladies Magazine, pp. 331-4 (July 1828)