It's difficult to say for certain what would have happened if Adam Smith had developed the theory of the perfect green market in 1776, as this is a hypothetical scenario. However, it's worth noting that the concept of environmental costs was not well understood or widely recognized during Smith's lifetime. Additionally, economic theory and practice have evolved significantly since the 18th century, so it's likely that the development of a theoretical framework for green markets would have taken place over time regardless of Smith's contributions.

Nisar, Adam Smith model works in a world economy-environment under environmental externality neutrality assumptions,... even though the environmental externality costs at the beginning were minimal or thought to be irrelevant he should have expected relevant impacts to be accumulated after the thinking took hold that you can expand the economy for ever without producing environmental externalities, an illusion now you can not hide....

Imaging Adam Smith internalizing the environmental cost associated with economic activity, and hence giving us the theory of the perfect green market instead of the theory of the perfect traditional market, would they have then expanded towards environmentally clean markets? Yes or not?

What do you think? and Why you think so?

In the middle of the 18th century, the combination of economic issues with ecology was somewhat absent. Ecological threats did not appear to be something important at that time. For Smith and his contemporaries, the main problem of political economy was to break down the supply barriers of the economy and lift humanity out of poverty. Therefore, his main work is The Wealth of Nations.

Dear Wojciech, good day....

Because the environmental impacts and the social impacts of economic expansion and wealth creation were thought to be minimal at the time of Adam Smith/1776 HE SHOULD HAVE ADDED A MINIMAL SOCIAL AND/OR ENVIRONMENTAL COST MARGIN to be proactive to the market price to account for them when they for sure become something at one point of ongoing economic expansion and wealth creation that was coming and keep the process that way socially and/or environmentally friendly from the beginning.... Social and environmental costs grew to a point that could no longer be hidden so we had the later red socialism push and then in 2012 rio +20 we had the green market paradigm shift avoidance process that has led to today's world under dwarf green market based development.

As you may know, a proactive thinkers in social and/or environmental terms could have stated the theory of the perfect red market or the theory of the perfect green market or the theory of the perfect sustainability market instead of the theory of the perfect traditional market.

Let's assume then that Adam Smith was proactive in environmental terms and stated the theory of the perfect green markets and published THE GREEN WEALTH OF NATIONS in 1776, then the question is: Would expansions towards environmentally clean markets have taken place had Adam Smith given us the theory of the perfect green market in 1776?.

Yes or not, and why you think so?

Respectfully yours;

Lucio

Forecasts in the social sciences are risky and uncertain. They mainly refer to the future, not the past. If A. Smith had written a different work, I don't know what would have happened.

Regards

Wojciech

Dear Wojciech, good day.

I see that the use of imagination/WHAT IF with respect to the past economic thinking to advance the growth of knowledge is forcasting to you.

For those familiar with the price structure of the perfect traditional market, the perfect green market and the perfect environmentally clean market they see a paradigm shift evolution link from pollution based markets to pollution-less markets using perfect market thinking.

I do appreciate your comments Wojciech any way.

Let's leave it here.

Respectfully yours;

Lucio