877 B
877 B
Progress of Opulence
Definition
The differential development of wealth and economic prosperity across different ages and nations, which has historically given rise to distinct systems of political economy. This concept recognizes that economic advancement occurs at varying rates and through different mechanisms depending on temporal and geographical contexts.
Source Chapter
Book IV, Chapter 0
Context
Smith uses the progress of opulence as the explanatory framework for understanding why different nations and historical periods have developed distinct approaches to political economy. The varying rates of economic development have necessitated different systems for enriching the people.
Economic Domain
General Theory