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adam smith
Essay specific features
Written by:
Karen D
Date added:
May 10, 2014
Level:
University
Grade:
A
No of pages / words:
2 / 447
Was viewed:
7433 times
Rating of current essay:
Essay content:
The nominal price is the money value which includes the real price and wages. The market price of a good is "regulated by the proportion between the quantity which is actually brought to market, and the demand of those who are willing to pay the natural price of the commodity."(WN I.vii.73) Adam Smith is able to show that the "labor belongs to the labouer; and the quantity of labour commonly employed in acquiring or producing any commodity, is the only circumstance which we can regulate the quantity of labour which it ought commonly to purchase, command, or exchange for...
displayed 300 characters
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The market price of a good is "regulated by the proportion between the quantity which is actually brought to market, and the demand of those who are willing to pay the natural price of the commodity."(WN I.vii.73) Adam Smith is able to show that the "labor belongs to the labouer; and the quantity of labour commonly employed in acquiring or producing any commodity, is the only circumstance which we can regulate the quantity of labour which it ought commonly to purchase, command, or exchange for...
displayed 300 characters
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