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T. W. Swan Economic Growth and Capital Accumulation

In: Trevor Winchester Swan, Volume II

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  • Peter L. Swan

    (UNSW Australia)

Abstract

“The aim of this paper is to illustrate with two diagrams a theme common to Adam Smith, Mill and Lewis; the theory of which is perhaps best seen in Ricardo: namely, the connection between capital accumulation and the growth of the productive labour force. The neoclassical economists were in favour of productivity and thrift, but never found a way to make much use of them. Earlier views were much more specific: for example, Adam Smith’s industry “proportioned to capital”, Ricardo’s Doctrine of Unbalanced Growth, Mill's “Irish peasantry, only half fed and half employed”, now so familiar in the work of Harrod, Nurkse or Lewis, and in a hundred United Nations reports. Nevertheless, our illustration takes a neoclassical form, and enjoys the neoclassical as well as the Ricardian vice.”

Suggested Citation

  • Peter L. Swan, 2023. "T. W. Swan Economic Growth and Capital Accumulation," Palgrave Studies in the History of Economic Thought, in: Trevor Winchester Swan, Volume II, chapter 0, pages 165-197, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-031-23807-9_17
    DOI: 10.1007/978-3-031-23807-9_17
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