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:
“Every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the publick interest, nor knows how much he is promoting it.... He intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention.”
—Adam Smith (1723–1790)
“The knowingness of little girls
Is hidden underneath their curls.”
—Phyllis McGinley (1905–1978)
“The glories of our blood and state
Are shadows, not substantial things;
There is no armour against fate;
Death lays his icy hand on kings:
Sceptre and crown
Must tumble down,
And in the dust be equal made
With the poor crooked scythe and spade.”
—James Shirley (1596–1666)