Role of the Government in Economic Development
Adam Smith assigned to the state ‘three duties ofgreat importance’. His exposition of the duties of the state needs now to be amended in certain ways; but it is couched in a language which makes reinterpretation easy. It is, in fact, more adequate than most of his critics are prepared to admit and provides even today a very convenient basis for discussion. It is particularly useful for the student of economic development, since the ‘duties of the sovereign ’, as understood by Smith, are unmistakable pointers to certain conditions of economic progress.
KeywordsEconomic Development Private Enterprise Political Authority Private Saving Public Enterprise
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