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On the Smithian Origins of "New" Trade and Growth Theories

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Author Info
Aykut Kibritcioglu (Ankara University & University of Illinois at Urbana-Champaign)

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Abstract

Adam Smith (1776) is generally ignored as an international trade theorist in textbooks and surveys because of the common belief that he only confirmed the rule of absolute advantages to explain structure of foreign trade. On the other hand, many textbooks and surveys on growth theories simply overlook Smith’s significant contributions to economic growth theory. However, his vent-for-surplus approach may be interpreted as a pioneering study which stresses the importance of economies-of- scale in explaining the structure of foreign trade. Furthermore, in Smith (1776), both learning by doing and economies-of-scale are crucial to explain long-run economic growth. This short paper addresses to the undeniable influence of Smith's concepts such as "extent of the market", "division of labor", "improved dexterity in every particular workman" and "simple inventions coming from workman" on both recent trade and growth models. The note mainly is based on a schematic outline of Smith's ideas on the nature and causes of the wealth of nations.

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File URL: http://129.3.20.41/eps/it/papers/9711/9711001.pdf
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Publisher Info
Paper provided by EconWPA in its series International Trade with number 9711001.

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Length: 17 pages
Date of creation: 24 Nov 1997
Date of revision: 18 Dec 1997
Handle: RePEc:wpa:wuwpit:9711001

Note: Type of Document - Adobe Acrobat Reader file; pages: 17; figures: included
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Web page: http://129.3.20.41

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Related research
Keywords: History of economic thought Adam Smith international trade theory vent-for-surplus economies-of-scale learning by doing externalities endogenous growth

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Find related papers by JEL classification:
A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies
O30 - Economic Development, Technological Change, and Growth - - Technological Change - - - General
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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