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The Link Between Capital Accumulation and Increasing Wages in an Updated Version of Smith’s Theory Of Population

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  • Meacci, Ferdinando

Abstract

The aim of this paper is to focus, within Adam Smith’s system of thought, on the various aspects of the twofold link between the accumulation of capital and the demand for labor, on the one hand, and between an increasing population and increasing wages, on the other. This link is examined, first, in the light of the relationship between the principles of self-interest and competition; and, secondly, in support of the possibility (neglected by Smith) that the long-run supply of labor may fall short of the long-run demand for it. The paper’s main argument is that this possibility is peacefully implemented in advancing economies by the “uniform, constant, and uninterrupted effort of every man to better his condition” which lies behind a continuous process of capital accumulation (including technical progress) along with the birth control techniques so widely used in our times.

Suggested Citation

  • Meacci, Ferdinando, 2020. "The Link Between Capital Accumulation and Increasing Wages in an Updated Version of Smith’s Theory Of Population," OSF Preprints hq7bf, Center for Open Science.
    • Handle: RePEc:osf:osfxxx:hq7bf
    DOI: 10.31219/osf.io/hq7bf
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    1. Tony Aspromourgos, 2010. "'Universal opulence': Adam Smith on technical progress and real wages," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 17(5), pages 1169-1182.
    2. Neri Salvadori (ed.), 2006. "Economic Growth and Distribution," Books, Edward Elgar Publishing, number 3798.
    3. Ferdinando Meacci, 2012. "On Adam Smith's Ambiguities on Value and Wealth," History of Political Economy, Duke University Press, vol. 44(4), pages 663-689, Winter.
    4. Ferdinando Meacci & Carmelo Ferlito, 2018. "The classical roots of the Austrian theory of capital and entrepreneurship," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 31(3), pages 315-339, September.
    5. Leonidas Montes, 2004. "Adam Smith in Context," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-50440-0, December.
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