Abstract
The economic theory of markets has been central to economic growth since the days of Adam Smith. There have been three major phases of this theory: the classical theory, the neoclassical theory, and the modern theory of global markets. Adam Smith is the first classical economist who emphasized the role of markets in industry growth. His economic contribution The Wealth of Nations contains several features of the market evolution, which leads to industry growth and overall economic development.
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Sengupta, J. (2011). The Market. In: Understanding Economic Growth. Springer, New York, NY. https://doi.org/10.1007/978-1-4419-8026-7_2
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DOI: https://doi.org/10.1007/978-1-4419-8026-7_2
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