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Dynamic gravitation and structural dynamics: From Smith to Modern theory

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  • Bianchi, Patrizio
  • Labory, Sandrine

Abstract

This paper explores the Newtonian roots of Adam Smith's thinking in the structural dynamics of the production system and of social organization at large. Newton's Principia Mathematica inspired a philosophical movement in Scotland that looked for principles that could explain the dynamics of social and economic bodies with the same scientific rigour. In Smith's account, the sources of structural economic dynamics lie in the actors’ capacity to organise production within that domain of interaction of competing forces that he defines as the market. Against this background, Smith analyses the role of the institutional setup. This conceptual framework is central to the theory of structural dynamics in classical political economy. It highlights a possible avenue along which to investigate Pasinetti's distinction between the ‘natural’ (production-based) and the ‘institutional’ levels of analysis (Pasinetti's separation theorem) by exploring the dynamic interdependence of technological and institutional drives in the emerging new industrial revolution.

Suggested Citation

  • Bianchi, Patrizio & Labory, Sandrine, 2022. "Dynamic gravitation and structural dynamics: From Smith to Modern theory," Structural Change and Economic Dynamics, Elsevier, vol. 60(C), pages 90-98.
    • Handle: RePEc:eee:streco:v:60:y:2022:i:c:p:90-98
    DOI: 10.1016/j.strueco.2021.11.009
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    References listed on IDEAS

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    1. Patrizio Bianchi & Sandrine Labory, 2011. "Industrial Policy after the Crisis," Books, Edward Elgar Publishing, number 14127.
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    More about this item

    Keywords

    Structural changes; Production and economic systems; Adam Smith; Isaac Newton; Luigi Pasinetti;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure

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