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The Role of Demand in Adam Smith's Theory of Natural Price

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Authors
Negishi, Takashi
Issue Date
1988-01
Publisher
Seoul Journal of Economics
Citation
Seoul Journal of Economics 1 (No. 4 1988): 357-366
Keywords
The Wealth of Nations; Smithian growth model; natural prices
Abstract
By the use of a simple growth model, it is shown that prices are not determined purely by technological or cost considerations and the role of demand in the determination of prices is properly recognized in Adam Smith's theory of natural prices, in which the natural rate of wage is considered to be higher in an economy with a higher rate of growth and the higher wage and the higher rate of profit can coexist. Smith's theory of falling rate of profit is defended from Ricardo's criticism.
ISSN
1225-0279
Language
English
URI
http://hdl.handle.net/10371/845
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.01(4) (Winter 1988)
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