Economic Growth

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November 23rd, 2021

According to Smith, what is stock? What is capital and what is the difference between circulating and fixed capital? What is the difference between productive and unproductive labor? How is this distinction related to the concepts of capital already referred to? What role does the distinction between productive and unproductive labor play in Smiths account of economic growth? What is the effect of accumulation on employment, the real wage, the rate of profits and rents? Explain.

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