Abstract
This paper first considers the character of Smith's account of division of labour as a theory of technical progress. In so far as Smith's account does entail a vision of liberal or competitive commercial society as exhibiting ongoing technical progress, this must have implications for income distribution through time. The paper therefore also considers, in particular, Smith's conception of the course of real wages in competitive commercial society, and how this connects with his view of technical progress. A reconciliation of Smith's theory of real wages and his prediction of high and rising real wages over time is suggested.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: The European Journal of the History of Economic Thought
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
