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The Importance of Technical Progress in Adam Smith's Thinking
Adam Smith thought that increases in the standard of living came from increased division of labor. Joseph Schumpeter: He lived too early and should have seen it, but he didn't. There's no evidence in any of his writings that I can see that he saw the possibility of ongoing technical progress. By the time we get to the 1830s, especially in the United States, the role of ongoing technological progress was absolutely unmet.