000			01656nam a22001457a 4500
999			_c532412 _d532412
008			260204b ||||| |||| 00| 0 eng d
100			_aIslam, Rizwanul _958709
245			_aAdam smith on inequality and factor incomes: His relevance for contemporary development challenges
260			_aThe Indian Journal of Labour Economies
300			_a68(3), Jul-Sep, 2025: p.733-748
520			_aThe primary purpose of the present paper is to dispel the common perception that Adam Smith was only a proponent of laissez faire policy, and was not concerned with inequality and the role of the government. It points out that income inequality and the role of the factors of production in generating inequality received a good deal of attention in his writings, especially in “Wealth of Nations”. The paper provides an understanding of Smith’s treatment of inequality and examines its relevance for the challenge faced in the present-day developing world. Smith was not only concerned about inequality and poverty, his position was generally pro-poor. His analysis of the process of determination of the prices of the key factors of production provides valuable insights into how inequality is created. Wage inequality occupies a key position in that, and education is an important factor in generating such inequality. This implies that public policy can play an important role in reducing it.- Reproduced https://link.springer.com/article/10.1007/s41027-025-00577-x
650			_aAdam Smith, Inequality, Wage inequality, Factors of production, Developing world, Policy. _958710
773			_aThe Indian Journal of Labour Economies
942			_cAR