Economic Progress Without Capital Accumulation

Daniel Diatkine ()
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Daniel Diatkine: University of Paris-Saclay, Univ Evry

Chapter Chapter 6 in Adam Smith and the Wealth of Nations, 2021, pp 129-158 from Palgrave Macmillan

Abstract: Abstract Smith distinguish the “early and rude state” and “advanced state” of societies. Smith’s early state, he actually describes an economy in which the division of labour exists and hence the exchange of commodities. This economy is characterised by the fact that all the agents in this state work and exchange goods. Smith explains enrichment by the progress of the division of labour. This in turn depends on extent of the market. So the so called early state of societies not only designates a historical stage, but above all a theoretical economy.

Date: 2021
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DOI: 10.1007/978-3-030-81600-1_6

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