Adam Smith and Economic Progress

Ramesh Chandra

Chapter Chapter 2 in Endogenous Growth in Historical Perspective, 2022, pp 25-60 from Palgrave Macmillan

Abstract: Abstract In “Introduction and Plan of the Work” of the Wealth of Nations, Smith (1776) points out that a nation’s annual supply of “necessaries and conveniences” of life is regulated by two factors: “first by the skill, dexterity, and judgment with which its labour is applied; and, secondly, by the proportion between the number of those who are employed in useful labour, and those who are not so employed” (ibid., I, p. 1).

Date: 2022
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DOI: 10.1007/978-3-030-83761-7_2

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