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