Cheerful and Hearty Economics

  • Gavin Kennedy


There are two more things we should review from Smith’s narrative. First, what determines the shares of the revenues paid to rent, profit and wages? This looks fearfully uninteresting — a result of my posing it in economic terms. But it is central to his narrative: the parties bargain for their shares in unequal contests.


Wage Rate Progressive State Sales Revenue Wage Offer Current Market Price 
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Copyright information

© Gavin Kennedy 2005

Authors and Affiliations

  • Gavin Kennedy
    • 1
  1. 1.EdinburghUK

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