The role of industry in economic development: the contrasting theories of Francois Quesnay and Adam Smith
Francois Quesnay argued from 1759 onwards that the industrial sector of the economy was 'sterile' and that state support for industrialization in France in the 17th century had reduced population, cut living standards and undermined government finances. Adam Smith in 1776 argued that the benefits from the division of labour which could only be enjoyed in industry had already raised the standard of living of a British labourer. This paper sets out the essence of Quesnay's and Smith's arguments and suggests that there are important elements of truth in both with regard to the relationship between agriculture and industry in economic development. It is concluded that 20th century economies may find that they are applying industry-boosting arguments which derive from propositions Smith established in conditions where Quesnay's reasoning is more appropriate. c CAB International
| Main Authors: | , , , |
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| Format: | Texto biblioteca |
| Language: | eng |
| Published: |
Basingstoke, Hamshire (RU) Macmillan
1988
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