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 hand, smith and/or hidden:

    Oh demon within,
    I am afraid and seldom put my hand up
    to my mouth and stitch it up
    covering you, smothering you
    from the public voyeury eyes
    of my typewriter keys.
    Anne Sexton (1928–1974)

    With the greater part of rich people, the chief enjoyment of riches consists in the parade of riches, which in their eyes is never so complete as when they appear to possess those decisive marks of opulence which nobody can possess but themselves.
    —Adam Smith (1723–1790)

    Most men have like plants hidden properties, which chance discloses.
    François, Duc De La Rochefoucauld (1613–1680)