Abstract
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.
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© 2005 Gavin Kennedy
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Kennedy, G. (2005). Cheerful and Hearty Economics. In: Adam Smith’s Lost Legacy. Palgrave Macmillan, London. https://doi.org/10.1057/9780230511194_47
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DOI: https://doi.org/10.1057/9780230511194_47
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-52484-6
Online ISBN: 978-0-230-51119-4
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