Primitive Growth Models — Adam Smith and Ricardo

John Hicks

in Methods of Dynamic Economics

Published in print October 1987 | ISBN: 9780198772873
Published online November 2003 | e-ISBN: 9780191596438 | DOI:
 Primitive Growth Models — Adam Smith and Ricardo

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This chapter analyses Adam Smith's Original Model, which is shown to be standing behind Smith and also standing behind Ricardo. The single-period, in this Original Model, is a natural period, the agricultural year. The initial capital comes from last year's harvest — a certain quantity of ‘corn’. This is transformed, by the production of the year, into another, presumably larger, quantity of corn. That is done in two ways: by natural reproduction, the use of corn for seed, and by employing labour in cultivation.

Keywords: Adam Smith; Ricardo; Original Model; cultivation; agriculture

Chapter.  6875 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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