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Introduction

In: Theories of Technical Change and Investment

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  • Chidem Kurdas

    (Pennsylvania State University)

Abstract

Like many modern economists, Adam Smith emphasized the role of capital accumulation in the growth of the wealth of nations. In explaining the relative poverty of a particular nation, Smith pointed to the factors that limit investment. For example, commenting on the economic stagnation in eighteenth-century China, he identified such factors.1 His general diagnosis was as follows: China seems to have been long stationary, and had probably long ago acquired that full complement of riches which is consistent with the nature of its laws and institutions. But this complement may be much inferior to what, with other laws and institutions, the nature of its soil, climate, and situation might admit of. 1776; 1976 edition, vol. I: 111–12.

Suggested Citation

  • Chidem Kurdas, 1994. "Introduction," Palgrave Macmillan Books, in: Theories of Technical Change and Investment, chapter 1, pages 1-8, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-23474-5_1
    DOI: 10.1007/978-1-349-23474-5_1
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