Three theoretical models of Adam Smith on markets and exchange values

Abstract

In The Wealth of Nations, Adam Smith discusses several sets of fundamental notions about markets and exchange values. These comprise different theories, regarding which we ask ourselves three questions. First: Can we correspond to each of the developments a theoretical model? Second: What would be the most relevant concepts, theories, and cases of each model? Third: Is there a relationship of continuity between the models or are the differentials elements key? Once the three models have been developed, it is shown that it is possible to build and match each development area with a theoretical model where the theories and cases discussed are ordered and summarized. On the relationship of the models among themselves, the constancy of some characteristics that Smith maintains when passing from one development to another is verified; however, the models contain enough differentiating elements so that each one represents specific economic situations.