|Mause I 40
Price/Smith: Smith took the theory of labour value as a basis and postulated a "natural" price, which is determined solely on the supply side by the "normal" remuneration of the production factors and the "normal" profit. Market prices may differ from this natural price due to demand influences, but competition will ensure that these differences are only of a short-term nature. The latter was also responsible for the fact that wages, basic pensions and interest rates each tended to have a uniform value within an economy. Smith, however, does not explain the distribution of income, i.e. the shares of the various factors of production in the national product._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. The note [Author1]Vs[Author2] or [Author]Vs[term] is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.
The Theory of Moral Sentiments London 2010
Vernon L. Smith
Rationality in Economics: Constructivist and Ecological Forms Cambridge 2009
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018