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

Q2 Arts and Humanities

History of Economic Ideas Pub Date : 2007-01-01 DOI:10.1400/91014

T. Aspromourgos

引用次数: 9

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.

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亚当·斯密关于市场价格及其与“供给”和“需求”关系的论述

史密斯的市场价格方法是一个动态的价格调整概念，以应对市场失衡，即实际价格偏离正常价格。近代的需求函数不属于这个概念的一部分。现代的供给函数也不是——生产数量和正常价格之间的关系是高度偶然的，取决于每个特定行业的竞争因素，以及特定行业的外部力量。他对生产相对于有效需求缺乏弹性的情况的分析，证实了他对市场价格处理的一个默认假设:需求价格无法确定的理论表达。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

History of Economic Ideas Arts and Humanities-History

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0.50

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0.00%

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期刊介绍： History of Economic Ideas is a new international series of Quaderni di storia dell''economia politica, a journal founded in 1983 to promote collaboration between scholars who share an historical approach to the major issues, the various "revolutions" which have left their mark on economics and the spread of economic ideas beyond the narrow circle of specialists. History of Economic Ideas rejects the dichotomy between "analysis" and "culture": both aspects are of equal importance for a wider understanding of the subject. In a period such as our own, where paradigms which once seemed unshakeable are now being challenged, a multidisciplinary analysis of the historical development of economics might contribute to shedding light on the issues at the root of current debate. Besides essays and critical surveys, the journal includes archive material and reviews of new books on history of economics. History of Economic Ideas is double-blind peer reviewed.