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Economic Progress And Adam Smith’S Dilemma

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  • Coyle, Diane

Abstract

Adam Smith saw the division of labour and specialisation as the driver of ‘universal opulence’, a process limited by the scope of the market. He also believed that competition was essential to ensure growth benefited the public. Yet eventually there could be a trade-off between these two mechanisms. In today’s era of global production networks, the markets at certain links in supply chains may support just one specialised supplier; and in winner-take-all digital markets there is a single supplier even at global scale. When the scope of the market is global, there may be a trade-off between specialisation and competition.

Suggested Citation

  • Coyle, Diane, 2023. "Economic Progress And Adam Smith’S Dilemma," National Institute Economic Review, National Institute of Economic and Social Research, vol. 265, pages 5-11, August.
    • Handle: RePEc:cup:nierev:v:265:y:2023:i::p:5-11_2
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