Saving, Investment and Growth : A Smithian Perspective

Chandra, Ramesh (2004) Saving, Investment and Growth : A Smithian Perspective. Discussion paper. University of Strathclyde, Glasgow.

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Abstract

The role of savings and capital accumulation in growth is widely misunderstood. The emphasis on these factors is often linked to the classical authors, particularly Adam Smith. This paper shows that emphasis on capital accumulation was only one part of the classical message. A more important part was the institutional arrangements which allow a competitive market to function so that savings are utilised in a productive way. The classical emphasis on savings or investment has to be seen in its true perspective and cannot be divorced from the market setting. In this there is much to learn for developing countries in pursuit of growth.

  • Item type:Monograph(Discussion paper)
    ID code:67725
    Dates:
    Date
    Event
    18 June 2004
    Published
    Notes:Published as a paper within the Discussion Papers in Economics, No. 04-11 (2004)
    Subjects:Social Sciences > Economic Theory
    Department:Strathclyde Business School > Economics
    Depositing user: Pure Administrator
    Date deposited:07 May 2019 14:31
    Last modified:11 Nov 2024 16:04
    URI:https://strathprints.strath.ac.uk/id/eprint/67725
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