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Adam Smith and Economic Progress

In: Endogenous Growth in Historical Perspective

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  • Ramesh Chandra

    (Independent Economist)

Abstract

In “Introduction and Plan of the Work” of the Wealth of Nations, Smith (1776) points out that a nation’s annual supply of “necessaries and conveniences” of life is regulated by two factors: “first by the skill, dexterity, and judgment with which its labour is applied; and, secondly, by the proportion between the number of those who are employed in useful labour, and those who are not so employed” (ibid., I, p. 1).

Suggested Citation

  • Ramesh Chandra, 2022. "Adam Smith and Economic Progress," Palgrave Studies in Economic History, in: Endogenous Growth in Historical Perspective, chapter 0, pages 25-60, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-3-030-83761-7_2
    DOI: 10.1007/978-3-030-83761-7_2
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