751 B
751 B
Natural Progress of Improvement
Definition
The inherent tendency of societies to accumulate capital and improve through individual efforts to better their condition, protected by law and allowed by liberty. This principle frequently restores health to the economic constitution despite government extravagance and administrative errors.
Source Chapter
Book II, Chapter 3
Context
Smith's optimistic conclusion that individual self-interest and frugality generally overcome government interference, allowing England's progress toward opulence despite public prodigality.
Economic Domain
General Theory