Abstract
It is well-known that Adam Smith distinguished between “the market price” and “the natural price”, and considered the latter as the central price to which the former tends to converge with the passage of time1). The concept of “the normal rate of profit (or the general rate of profit)” that is equal among all sectors and industries, which is common to David Ricardo, Karl Marx, and other Classical Schools, is also closely related to the concept of the central price.
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© 1986 Springer-Verlag Berlin Heidelberg
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Kuroki, R. (1986). The Equalization of the Rate of Profit Reconsidered. In: Semmler, W. (eds) Competition, Instability, and Nonlinear Cycles. Lecture Notes in Economics and Mathematical Systems, vol 275. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-51699-3_2
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DOI: https://doi.org/10.1007/978-3-642-51699-3_2
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