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Smithsonian Economic Theory in the Information Age


The basis tenets of Adam Smith’s concept of division of labour, first printed in his book, The Wealth of Nations (cited herein as reprinted in Patrick Murray’s Reflections on Commercial Life), have been staples of economic thought for well over 200 years. Initially, however, the French economist François Quesnay, as interpreted by Walter Eltis in his 1988 Oxford Economic Paper “The Contrasting Theories of Industrialization of François and Adam Smith�, believed that industry, by its very nature could not produce a net gain, and moreover (in the context of 18th Century France), that “state support for industrialization in France had reduced population, cut living standards, and undermined government finances (p. 269).� This point of view, presented first in 1759 by Quesnay, and subsequently readdressed by Eltis, directly conflicts with Smith’s now well-accepted theory of division of labour. The purpose of this......

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Approximate Word Count: 1271
Approximate Pages: 6 (250 words per double-spaced page)

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