Coming Soon:

The following books by Robert Paul Wolff are available on Amazon.com as e-books: KANT'S THEORY OF MENTAL ACTIVITY, THE AUTONOMY OF REASON, UNDERSTANDING MARX, UNDERSTANDING RAWLS, THE POVERTY OF LIBERALISM, A LIFE IN THE ACADEMY, MONEYBAGS MUST BE SO LUCKY, AN INTRODUCTION TO THE USE OF FORMAL METHODS IN POLITICAL PHILOSOPHY.
Now Available: Volumes I, II, III, and IV of the Collected Published and Unpublished Papers.

NOW AVAILABLE ON YOUTUBE: LECTURES ON KANT'S CRITIQUE OF PURE REASON. To view the lectures, go to YouTube and search for "Robert Paul Wolff Kant." There they will be.

NOW AVAILABLE ON YOUTUBE: LECTURES ON THE THOUGHT OF KARL MARX. To view the lectures, go to YouTube and search for Robert Paul Wolff Marx."





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Friday, April 2, 2021

BRIEF CLARIFICATION

 Several commentators have raised the question whether modern economists use the concept of natural price. The answer is yes. They all use it, but they do not call it "natural price." They call it "equilibrium price." Of course they have a different theory of the concept but it is the same idea. That is one reason why Adam Smith can be viewed as the grandfather of modern economic theory as well as the father of classical political economy.

2 comments:

marcel proust said...

"Natural" shows up in some other contexts than price (from most common to least,below).

Natural rate of unemployment

Natural rate of interest

Natural monopoly

Its use is a nice rhetorical gambit, like "rational" (as in "rational expectations"), that leads to raised eyebrows if anybody voices doubts about the usefulness or morality of the situation that the idiom is supposed to capture.

Natural rate of economic growth

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