In this paper we argue that Adam Smith’s theory of division and labor and economic growth, in particular through the developments of Alfred Marshall, Allyn Young and Nicholas Kaldor, has characteristics that allow to classify it in the realm of complexity economics. We support this claim by a historical reconstruction of the Smithian growth theory highlighting the characteristics that we show also characterize complex systems. We compare this perspective with the one developed by the traditional economic approach, rooted in general equilibrium, and describe a simple alternative model

Lavezzi, A.M. (2016). Smithian Growth and Complexity. In Economic Theory and Its History (pp. 36-50). Routledge.

Smithian Growth and Complexity

LAVEZZI, Andrea Mario
2016-01-01

Abstract

In this paper we argue that Adam Smith’s theory of division and labor and economic growth, in particular through the developments of Alfred Marshall, Allyn Young and Nicholas Kaldor, has characteristics that allow to classify it in the realm of complexity economics. We support this claim by a historical reconstruction of the Smithian growth theory highlighting the characteristics that we show also characterize complex systems. We compare this perspective with the one developed by the traditional economic approach, rooted in general equilibrium, and describe a simple alternative model
2016
Lavezzi, A.M. (2016). Smithian Growth and Complexity. In Economic Theory and Its History (pp. 36-50). Routledge.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10447/221285
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