Product Markets

One of the main features of modern industrial economies is to create wealth through industrial processes. This large scale production of goods has been allowed by the creation of always ameliorated technologies together with always ameliorated human competencies. Since A. Smith (1776) economists synthesize this process in restating the smithian principle: “It is the great multiplication of the productions of all the différents arts, in consequence of the division of labour, which occasions, in a well-governed society, that universal opulence which extends itself to the lowest ranks of the people”.