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Division of Labor, Money, and Economic Progress

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  • Wen Li Cheng

Abstract

This paper develops a general equilibrium model to formalize Adam Smith’s insight on the relationship between the division of labor, the emergence of money, and economic progress. The model demonstrates that the division of labor is the driving force behind the emergence of money, and the use of money in turn stimulates further division of labor. It also shows that the use of money substitute can improve welfare.

Suggested Citation

  • Wen Li Cheng, 1999. "Division of Labor, Money, and Economic Progress," Review of Development Economics, Wiley Blackwell, vol. 3(3), pages 354-368, October.
    • Handle: RePEc:bla:rdevec:v:3:y:1999:i:3:p:354-368
    DOI: 10.1111/1467-9361.00073
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    Cited by:

    1. Cheng, Wenli & Yang, Xiaokai, 2004. "Inframarginal analysis of division of labor: A survey," Journal of Economic Behavior & Organization, Elsevier, vol. 55(2), pages 137-174, October.

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    JEL classification:

    • F19 - International Economics - - Trade - - - Other

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