discuss the adam smith's division of labour and economic growth
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Answer:
The aim of this paper is to put in historical perspective the recent models of endogenous growth based on division of labor, i.e. the mod-els based on a multiplicity of intermediate goods, taken as representing the degree of specialization in an economy. The modern approach is analyzed with particular reference to Romer (1987, AER). We analyze the contributions of Adam Smith, Alfred Marshall, Allyn Young and Nicholas Kaldor on the issue. It will be argued that: (i) there exists continuity in such authors, as regards their view of economic growth based on division of labor; (ii) such line of thought is still providing insights to be developed, insights which have not received a completely exhaustive treatment by modern growth theory. Namely we refer to: the idea of growth as a process involving an increasing complexity of the economic system; the identi…cation of the role played by demand; the nature of the growth process as a path dependent, cumulative pro-cess, and the related issue of the tendency towards an equilibrium. We conclude that the modern growth model based on division of labor, al-though constituting an important development, still leaves open some directions for research. Other recent models based on network ex-ternalities and local interactions may prove useful for complementary formalizations.
Answer:
कखगगगघघघ्च् तो उन्हीं नष्ट झपकीं छात्र श्रेष्ठत्व श्रेष्ठत्व लोहार दुपट्टा लोहिया रिप्रजेंटेटिव्स ब्रह्मविद्या बन बन बन टन बन