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Productivity Limits

In: Macrofoundations of Political Economy and Development

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  • David Goalstone

Abstract

What factors are necessary for a particular kind of society to exist, survive, and reach full maturity? To get some hints let us turn to history of economic thought. In the Wealth of Nations Smith says a society’s ‘full complement of riches’ is determined by ‘the nature of its laws and institutions’ as well as ‘the nature of its soil and climate, and its situation with respect to other countries’. In a ‘fully peopled’ competitive society, this implies to Smith low wages, low profits, and low rates of interest. One can jump from here to the Ricardian conclusion that only the landlord would appear to prosper. One can get a sense of hitting an upper productivity limit—thus spelling the end of progress.

Suggested Citation

  • David Goalstone, 2007. "Productivity Limits," Palgrave Macmillan Books, in: Macrofoundations of Political Economy and Development, chapter 5, pages 45-52, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-60431-5_5
    DOI: 10.1057/9780230604315_5
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