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Accumulation and Employment of Stock

In: Adam Smith’s Lost Legacy

Author

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  • Gavin Kennedy

Abstract

Smith’s exposition of circulating and fixed capitals is standard, non-controversial and uncomplicated, as befits simple accounting for small businesses with few sources of borrowing, other than in small amounts. The accumulation of stock is a pre-condition for the division of labour and remains a pre-condition for continuing new sub-divisions of labour as stock continues to accumulate.1 Hence, Smith’s interest in economic growth and the forces that promoted it.

Suggested Citation

  • Gavin Kennedy, 2005. "Accumulation and Employment of Stock," Palgrave Macmillan Books, in: Adam Smith’s Lost Legacy, chapter 48, pages 197-199, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51119-4_48
    DOI: 10.1057/9780230511194_48
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