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On The Promises And Perils Of Smithian Growth: From Pin Factory To Ai

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  • Miller, Marcus

Abstract

For path-breaking insights on how prices can guide the efficient allocation of resources and how innovation and investment can spur economic growth, Adam Smith is justly renowned. He was, however, well aware of problems posed by market dominance—specifically in banking and, more generally, wherever getting to the scale that delivers increasing returns leads to monopolistic behaviour. For the historical record, we draw on the recent wide-ranging survey by Acemoglu and Johnson on how the benefits of innovation have been spread across society since the Industrial Revolution. We also consider these issues in the context of geo-political competition.

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  • Miller, Marcus, 2023. "On The Promises And Perils Of Smithian Growth: From Pin Factory To Ai," National Institute Economic Review, National Institute of Economic and Social Research, vol. 265, pages 12-25, August.
    • Handle: RePEc:cup:nierev:v:265:y:2023:i::p:12-25_3
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    1. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
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    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925

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