ECOP1001 Lecture Notes - Lecture 3: Capital Accumulation, Jeremy Bentham, Individualism

• School: University of Sydney
• Department: Political Economy
• Course: ECOP1001
• Professor: All

Document Summary

In uenced all subsequent economic thought and continues to in uence today and it is interesting in its own right providing an explanation of western europe"s growth. There were new transport and production technologies; the growth of the factory system and there was also a growing interest in liberal economic ideas. In 1770 the spinning jenny was invented. Adam smith (1723 - 1790) was appointed as a professor of moral philosophy at the. His critical emphasis was on the barriers to growth and he was interested in the advancement of society and the progress of human beings. Under mercantilism the economy was under the control of the king and a few major monopoly trading companies. For smith mercantilism believed in compiling stocks of wealth but he felt that what was important was what this wealth could buy. Smith believed that the interaction of the factors of production, the state and the market are what drive growth.