Accumulation and Employment of Stock

Gavin Kennedy ()

Chapter 48 in Adam Smith’s Lost Legacy, 2005, pp 197-199 from Palgrave Macmillan

Abstract: Abstract Smith’s exposition of circulating and fixed capitals is standard, non-controversial and uncomplicated, as befits simple accounting for small businesses with few sources of borrowing, other than in small amounts. The accumulation of stock is a pre-condition for the division of labour and remains a pre-condition for continuing new sub-divisions of labour as stock continues to accumulate.1 Hence, Smith’s interest in economic growth and the forces that promoted it.

Keywords: Small Business; Industrial Revolution; Productive Sector; Current Consumption; Economic History (search for similar items in EconPapers)
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-51119-4_48

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DOI: 10.1057/9780230511194_48

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