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:
“Among the smaller duties of life I hardly know any one more important than that of not praising where praise is not due.”
—Sydney Smith (1771–1845)
“Art for art’s sake? I should think so, and more so than ever at the present time. It is the one orderly product which our middling race has produced. It is the cry of a thousand sentinels, the echo from a thousand labyrinths, it is the lighthouse which cannot be hidden ... it is the best evidence we can have of our dignity.”
—E.M. (Edward Morgan)
“Queen. And must we be divided? Must we part?
King Richard. Ay, hand from hand, my love, and heart from heart.”
—William Shakespeare (1564–1616)