March 23, 2026

Adam Smith's grave, Canongate Kirkyard
Blog

Adam Smith’s ‘Theory of Productivity Growth’

The full title of Adam Smith’s major work is An Inquiry into the Nature and Causes of the Wealth of Nations (the “WoN”). Today we observe governments expressing airy aspirations to grow that wealth, but seemingly incapable of first inquiring into the nature and causes of it. There is far too much ‘leaping’ (to policy decisions) before ‘looking’ (inquiring).  Should there ever arise a political demand for such inquiry, Smith’s developed understanding

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