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:

    If you wish to make a man look noble, your best course is to kill him. What superiority he may have inherited from his race, what superiority nature may have personally gifted him with, comes out in death.
    —Alexander Smith (1830–1867)

    It is very hard to give a just definition of love. The most we can say of it is this: that in the soul, it is a desire to rule; in the spirit, it is a sympathy; and in the body, it is but a hidden and subtle desire to possess—after many mysteries—what one loves.
    François, Duc De La Rochefoucauld (1613–1680)

    ...that broken reed of a staff, which will pierce the hand of anyone who leans on it.
    Bible: Hebrew, 2 Kings 18:21.