Saving, Investment and Growth: A Smithian Perspective

Ramesh Chandra

Research output: Working paperDiscussion paper

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Abstract

The role of savings and capital accumulation in growth is widely misunderstood. The emphasis on these factors is often linked to the classical authors, particularly Adam Smith. This paper shows that emphasis on capital accumulation was only one part of the classical message. A more important part was the institutional arrangements which allow a competitive market to function so that savings are utilised in a productive way. The classical emphasis on savings or investment has to be seen in its true perspective and cannot be divorced from the market setting. In this there is much to learn for developing countries in pursuit of growth.
Original languageEnglish
Place of PublicationGlasgow
PublisherUniversity of Strathclyde
Pages1-14
Number of pages15
Volume04
Publication statusPublished - 2004

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Savings
Saving-investment
Capital accumulation
Developing countries
Factors
Adam Smith
Competitive market
Institutional arrangements

Keywords

  • endogenous growth
  • adam smith
  • saving and investment
  • market institutions
  • development theory and policy

Cite this

Chandra, R. (2004). Saving, Investment and Growth: A Smithian Perspective . (11 ed.) (pp. 1-14). Glasgow: University of Strathclyde.
Chandra, Ramesh. / Saving, Investment and Growth : A Smithian Perspective . 11. ed. Glasgow : University of Strathclyde, 2004. pp. 1-14
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Chandra, R 2004 'Saving, Investment and Growth: A Smithian Perspective ' 11 edn, University of Strathclyde, Glasgow, pp. 1-14.

Saving, Investment and Growth : A Smithian Perspective . / Chandra, Ramesh.

11. ed. Glasgow : University of Strathclyde, 2004. p. 1-14.

Research output: Working paperDiscussion paper

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N2 - The role of savings and capital accumulation in growth is widely misunderstood. The emphasis on these factors is often linked to the classical authors, particularly Adam Smith. This paper shows that emphasis on capital accumulation was only one part of the classical message. A more important part was the institutional arrangements which allow a competitive market to function so that savings are utilised in a productive way. The classical emphasis on savings or investment has to be seen in its true perspective and cannot be divorced from the market setting. In this there is much to learn for developing countries in pursuit of growth.

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Chandra R. Saving, Investment and Growth: A Smithian Perspective . 11 ed. Glasgow: University of Strathclyde. 2004, p. 1-14.