Average price of a bottle of Heineken beer in Europe

Although I prefer Jamaica’s Red Stripe beer over Heineken, check out the infographic pictured below (hat tip: u/acecruze) or this chart compiled by a website called GlobalProductPrices.com. Does this infographic tend to confirm or disconfirm Adam Smith’s concept of a “natural price”? (Smith defined “natural price” in Book I, Chapter VII of The Wealth of Nations as follows: “When the price of any commodity is neither more nor less than what is sufficient to pay the rent of the land, the wages of the labour, and the profits of the stock employed in raising, preparing, and bringing it to market, according to their natural rates, the commodity is then sold for what may be called its natural price.” See also this essay by economist David Andrews on “Adam Smith’s natural prices, the gravitation metaphor, and the purposes of nature.”)

About F. E. Guerra-Pujol

When I’m not blogging, I am a business law professor at the University of Central Florida.
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