...Nations on natural and market price. In this chapter we are simply told about market price that it "is regulated by the proportion between the quantity which is actually brought to the market, and the demand of those who are willing to pay the natural price"13 We are given no further...

...maintained. Market price, Smith writes, is "the actual price at which any commodity is commonly sold." It is "regulated by the proportion between the quantity...willing to pay the natural price of the commodity" (p. 56). When supply falls short of demand at the natural price, price is bid up to allocate the short...

...short of the effectual demand, all those who are willing to pay the whole value of the rent, wages, and profit, which must be paid in order to bring it thither, cannot be supplied with the quantity which they want. Rather than want it altogether, some of them...

...encouragement for reproduction that the situation of the Country naturally affords. p. 68 (Gl. edn, p. 73) The market price of every particular commodity is...order to bring it thither. Such people may be called the effectual demanders, and their demand the effectual demand . . . This would be true if there was...

...firms must endeavor to produce a finished installation at this going market rate. Prices for Smith are regulated by "the proportion between the quantity...market and the demand of those who are willing to pay natural prices of the commodity" (Smith 1977 [1776], p. 151). Movements in supply and effective (money-backed)...

...depends on the difference between current supply and "effectual demand," where the latter is defined as "the demand of those who are willing to pay the natural price of the commodity" (Smith, WN, I.vii.8). If the difference is positive, negative, or zero, then the market price is taken...

...short of the effectual demand, all those who are willing to pay the whole value of the rent, wages, and profit, which must be paid in order to bring it thither, cannot be supplied with the quantity which they want. Rather than want it altogether, some of them...

...another," Smith wrote that the "market price" of labor, like other goods, was set by competitive bargaining regulated by "the proportion between the quantity which is actually brought to the market, and the demand." Third, Smith defined the wage in terms of family survival - the amount...

...argument that in certain respects compares favorably with the modern textbook variant, Smith noted: The market price of every particular commodity is...order to bring it thither. Such people may be called the effectual demanders, and their demand the effectual demand; since it may be sufficient to effectuate...

...relationships ('schedules') between price and quantity. We may quote Smith to illustrate this point: 'the market price of every particular commodity is...willing to pay the natural price of the commodity' (Smith, 1776, I. vii., p. 63, italics added). (See the discussion of this matter in Groenewegen. 1973.)...