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Growth and distribution: a stylized model of the Wealth of Nations

Author

Listed:
  • Edward Amadeo
  • Carlos Parcias Jr.

Abstract

In this paper, a simplified model is developed to analyze the main characteristicsof the accumulation process based on Adam Smith’s view. The model is constructed on thebasis of a single product and emphasizes the relation between productivity, determined bythe division of labor, the proportion of the economic surplus invested in productive labor,the natural wage and the profit rate, during the phase of progress and in the stationarystate of the economies. Additionally, a process is suggested for determining the natural wagebased on the elements stressed by the classical economists. JEL Classification: B12; O41.

Suggested Citation

  • Edward Amadeo & Carlos Parcias Jr., 1990. "Growth and distribution: a stylized model of the Wealth of Nations," Brazilian Journal of Political Economy, Center of Political Economy, vol. 10(2), pages 149-160.
    • Handle: RePEc:ekm:repojs:v:10:y:1990:i:2:p:149-160:id:1530
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    More about this item

    Keywords

    Models of economic growth; Smith;

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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