Sprague Word

The future and more from Richard Sprague

Posted by sprague on July 18, 2012

The founder of economics, Adam Smith, had a term for this. He called it “the stationary state.” In his day it was China that looked stationary: a once “opulent” country that had simply ceased to grow. Smith blamed China’s unfavorable institutions—including its bureaucracy—for the stasis. He also noticed how the stationary state favored the super-rich and civil servants, leaving poor laborers to slide toward subsistence wages.

Niall Ferguson: The Cure for Our Economy’s Stationary State – Newsweek and The Daily Beast

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