Smithian growth

Smithian growth refers to economic expansion driven by individuals pursuing their own interests, leading to increased production, innovation, and trade. Named after economist Adam Smith, it emphasizes that when people freely produce and exchange goods and services, it creates a self-reinforcing cycle of wealth and development. This growth results from voluntary activities like entrepreneurship and specialization, which improve efficiency and resources. Essentially, Smithian growth highlights how individual efforts, guided by market incentives, can collectively foster lasting economic progress without heavy government intervention.