The Preindustrial Economics of Adam Smith

Hiram Caton

The Journal of Economic History, 1985, vol. 45, issue 4, 833-853

Abstract: The Wealth of Nations does not recognize the fact of industrial production, and its analysis of price does not account for the fundamental feature of industrial markets, falling price per output unit based on exponential growth obtained by technological applications. Smith's laissez-faire doctrine contains distinctive value postulates intended to promulgate an egalitarian agrarian capitalism in the spirit of physiocracy. Criticisms of Smith by Alexander Hamilton, J.-B. Say, Andrew Ure, and Friedrich List are instanced to support the present interpretation.

Date: 1985
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