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Economics in PerspectiveA Critical History$
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John Kenneth Galbraith

Print publication date: 2017

Print ISBN-13: 9780691171647

Published to Princeton Scholarship Online: May 2018

DOI: 10.23943/princeton/9780691171647.001.0001

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Refinement, Affirmation—and the Seeds of Revolt

Refinement, Affirmation—and the Seeds of Revolt

Chapter:
(p.80) Chapter 7 Refinement, Affirmation—and the Seeds of Revolt
Source:
Economics in Perspective
Author(s):

John Kenneth Galbraith

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691171647.003.0007

This chapter examines how economists in the established tradition amended and sharpened Adam Smith's conclusions, struggled to resolve his ambiguities, and sought otherwise to complete his system. In the years following Smith's death, three key figures emerged to refine and extend his work: Jean Baptiste Say, Thomas Robert Malthus, and David Ricardo. Improving on Smith, all three men sought to bring economics in step with the Industrial Revolution. With them came the economics of the industrial order. The chapter first considers the concept of Say's Law and Say's views on subjects such as borrowing, capitalism, distribution, production, profit, and purchasing power before discussing the ideas of Malthus and Ricardo regarding capitalism, competition, prices, value, stock market, employment, production, and poverty.

Keywords:   economics, Adam Smith, Jean Baptiste Say, Thomas Robert Malthus, David Ricardo, Industrial Revolution, Say's Law, capitalism, production, poverty

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