Adam Smith's term "natural price" refers to a price of product that that is formed on free market, with out the government regulations or monopoly. It is also called "normal price", and word natural is used to oppose to the price that is formed artificially, by governments regulations. Adam Smith (1723-1790) was a Scottish philosopher and father of political economy. His most important works are: The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776), which is considered to be the first modern work of economics.
