The ‘Industrial Revolution’ long postdated Adam Smith, who died in 1790. ‘Capitalism’ was unknown while Smith was alive - the word itself was first used in 1833 in an obscure English newspaper and much later in Thackery’s novel, The Newcomes.
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I'm not a fan of "diagrams" in economics, but sometimes... This is a screen capture of slide 36 from a SlideShare presentatio... -
JW Mason : "... in retrospect it is clear that we should have been talking about big new public spending programs to boost demand.... -
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Mark Thoma links to the Kansas City Fed's Nominal Wage Rigidities and the Future Path of Wage Growth by José Mustre-del-Río and Emily ... -
First, this summary of an observation made in 1850, from the Liberty Fund : Frédéric Bastiat, while pondering the nature of war, concluded ...
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