Adam Smith has seen better days

This is an excerpt from my notes on Adam Smith (author of Wealth of Nations). My notes are pretty good until here...





c. Limits to Growth
i. Smith said growth has natural limits. Every country has a limitation for how wealthy it can become.
ii. Those limits are set by location, resources, etc…
iii. This cycle of productivity is subject to diminishing returns. He calls this "the stationary state."
iv. "Stationary state" is one that who has been growing, but it's an evening out of the cultures.
v. The worse state is "the declining state." Not only has it stopped trowp…
vi. (there's natural and non-natural grss
d. "Smithian growth" is bfownrggggggggggg


A. As ple …

B. As wrilllllllllllllllllllllllltsa'tHLJ

5. … MEH…. SLEEP

6. Smiths's view of policy and the role of govt'

7. …