KELLY Morgan (1997) “The Dynamics of Smithian Growth”, The Quarterly Journal of Economics, 112/3, 939-964.
Smithian progress (i.e. the understanding that specialization causes output to rise first articulated by Adam Smith) is neglected by economists because it is perceived as gradual (unlike the sudden growth caused by innovation, learning by doing and private capital accumulation). But the author dismisses the idea that Smithian growth is necessarily gradual. Read the rest of this entry »