IDEAS home Printed from https://ideas.repec.org/a/hid/journl/v15y200732p27-57.html
   My bibliography  Save this article

Adam Smith's Treatment of Market Prices and Their Relation to «Supply» and «Demand»

Author

Listed:
  • Tony Aspromourgos

    (University of Sydney - Faculty of Economics and Business)

Abstract

Smith’s approach to market prices is a dynamic conception of price adjustment in response to market imbalance, in terms of deviation of actual prices from normal price. Latter-day demand functions are not part of this conception. Neither are latter- day supply functions – and relations between quantity produced and normal price are highly contingent, depending on competing factors in each particular industry, as well as forces external to particular industries. His analyses of situations in which production is inelastic in relation to effectual demand confirms a tacit supposition of his treatment of market prices: demand-prices are incapable of determinate theoretical expression.

Suggested Citation

  • Tony Aspromourgos, 2007. "Adam Smith's Treatment of Market Prices and Their Relation to «Supply» and «Demand»," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 15(3), pages 27-57.
    • Handle: RePEc:hid:journl:v:15:y:2007:3:2:p:27-57
    as

    Download full text from publisher

    File URL: http://www.libraweb.net/articoli.php?chiave=200706103&rivista=61
    Download Restriction: Access to full text is restricted to subscribers
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Saverio M. Fratini & Alessia Naccarato, 2016. "The Gravitation of Market Prices as A Stochastic Process," Metroeconomica, Wiley Blackwell, vol. 67(4), pages 698-716, November.
    2. Menudo, Jose M., 2011. "Market Stability in Adam Smith: Competitive Process and Institutions," MPRA Paper 15361, University Library of Munich, Germany.
    3. S M Amadae, 2020. "Life without Virtue: Economists Rule. Review essay of Dani Rodrik’s Economics Rules," Economic Issues Journal Articles, Economic Issues, vol. 25(2), pages 51-70, September.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hid:journl:v:15:y:2007:3:2:p:27-57. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Mario Aldo Cedrini (email available below). General contact details of provider: http://www.libraweb.net .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.