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For other reasons I'm reading Adam Smith's Wealth of Nations and this seems like nothing that Smith would object to. He'd say there's a natural price that that
by hackeraccount 2y ago
For other reasons I'm reading Adam Smith's Wealth of Nations and this seems like nothing that Smith would object to. He'd say there's a natural price that that the market price gravitates around - very much like that second graphic.
- bckr 2y agoThe point is there are multiple "natural prices" that the market price may gravitate around. If Adam Smith thinks there's only one "natural price", then he's wrong, and you probably want to read with that idea in mind.
- deleted 2y ago[deleted]