219-223
Allyn Young’s lecture, “Increasing Returns and Economic Progress” comes into the forefront of this section. In this lecture Young basically brings out that Adam Smith “missed the point” in the Pin Factory. He didn’t bring out the relationship of the pin factory and it’s neighbors.
To me it seemed like this section was trying to bring out the idea of how technological growth, growth in the industries, as well as other factors in growth was something that you couldn’t see inside one single industry. But rather you needed to look at the relationship that industry had to all the neighboring ones as well. He used the examples of dis-integration rather than integration, specialization, and also how other economists had just taken growth for granted as a naturally occurring thing of the time rather than looking back and seeing that there were periods of little growth as well as those with greater growth.
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