Mental footnotes in Capitalism: The current social validity of the concept of price from the Adam Smith’s “An Inquiry into the Nature and Causes of the Wealth of Nations”

Abstract

The main aim of the present study is to identify which mental footnotes (related to Adam Smith’s Capitalism) have more weight in the current cognitive processing of participants. We used the “Wealth of Nations” as the main source of the concepts from this author. An experimental design (based on a previous qualitative research) was carried out to test the influence of mental footnotes on the citizens’ decision on the validity of the concepts. The findings point out that there are strong, current, mental footnotes related to the Adam Smith’s concept of price. People mostly understand that, for every product, the entrepreneur has to recover their initial investment and to gain a profit. On the other hand, the fact that entrepreneurs have to pay some expenditures and they need to have profits determines the price of products.