Growth and distribution: a stylized model of the Wealth of Nations

Edward Amadeo () and Carlos Parcias ()

Brazilian Journal of Political Economy, 1990, vol. 10, issue 2, 149-160

Abstract: In this paper, a simplified model is developed to analyze the main characteristicsof the accumulation process based on Adam Smith’s view. The model is constructed on thebasis of a single product and emphasizes the relation between productivity, determined bythe division of labor, the proportion of the economic surplus invested in productive labor,the natural wage and the profit rate, during the phase of progress and in the stationarystate of the economies. Additionally, a process is suggested for determining the natural wagebased on the elements stressed by the classical economists. JEL Classification: B12; O41.

Keywords: Models of economic growth; Smith (search for similar items in EconPapers)
Date: 1990
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