Psychology Dictionary of ArgumentsHome
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| Price: In economics, price refers to the monetary value assigned to goods, services, or assets in a market exchange. It represents the equilibrium point where supply and demand intersect, determining the quantity of a product traded. Prices convey information about scarcity, preferences, production costs, and market dynamics, influencing consumer behavior and resource allocation. See also Demand, Supply, Markets, Value theories._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Adam Smith on Price - Dictionary of Arguments
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. >Labour value, >Labour. 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. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
EconSmith I Adam Smith The Theory of Moral Sentiments London 2010 EconSmithV I Vernon L. Smith Rationality in Economics: Constructivist and Ecological Forms Cambridge 2009 Mause I Karsten Mause Christian Müller Klaus Schubert, Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018 |
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