Accumulation and Employment of Stock

  • Gavin Kennedy


Smith’s exposition of circulating and fixed capitals is standard, non-controversial and uncomplicated, as befits simple accounting for small businesses with few sources of borrowing, other than in small amounts. The accumulation of stock is a pre-condition for the division of labour and remains a pre-condition for continuing new sub-divisions of labour as stock continues to accumulate.1 Hence, Smith’s interest in economic growth and the forces that promoted it.


Steam Lost 


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Copyright information

© Gavin Kennedy 2005

Authors and Affiliations

  • Gavin Kennedy
    • 1
  1. 1.EdinburghUK

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