"Smith, Entry, Samuelson, and Why Economics Should Teach Good Old Chicago School Economics"
March 27, 2012
Amen to that. Deirdre McCloskey:
The core of Smithian economics, further, is . . . entry and exit, and is Smith's distinctive contribution to social science. . . . He was the first to ask what happens in the long run when people respond to desired opportunities. Smith for example argues in detail that wage-plus-conditions will equalize among occupations, in the long run, by entry and exit.