Smiths principle is still valid though

[the general equilibrium theory of Neoclassical Economics] means that, for those subsystems of the economy where conditions are apt, the market can be relied upon, particularly if the market is not relied upon for

1. the overall stability of the economy
   
2. the determination of the pace and even the direction of investment
   
3. income distribution
   

and 4) the determination of prices and outputs in those sectors that use large amounts of capital assets per unit of input or per worker