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Monetary Policy and Capital Formation - Review
The year 1776 gave birth not only to a great nation but also to a great book which shaped our science. In his Wealth of Nations, Adam Smith made growth in income the central explanandum of his inquiry and identified capital formation as the prime mover of growth in income. It is most fitting, therefore, that the subject matter of this conference in this bicentennial year of the Wealth of Nations is capital formation.
research.stlouisfed.org/publications/review/1977/06/01/monetary-policy-and-capital-formation
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