I am working my way through the Economic canon, wanting a deeper appreciation of how the theory developed over time.

I started reading Adam Smith's "Wealth of Nations."

It is intriguing to see the variety of ideas he expounds upon in this text. For example, in the screenshots attached, he proposes, or at least I interpret it that way, that prices above equilibrium have a tendency to fall slower than prices below equilibrium tend to rise. I was intrigued, and indeed I found a paper by Sam Peltzman that tested this titled, "Prices Rise Faster than They Fall." jstor.org/stable/10.108…

I believe Adam Smith's ideas are just as relevant today as they were back then.