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By J. Gwartney ; R. Stroup ; and R. Sobel pp. 11, 45,271, 217,81
2. The Fortune Encyclopedia of Economics David Henderson Ed. pp. 836-838
The Circular Flow Model
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Adam Smith acknowledged the wealth of a nation with the yearly national income, for Smith saw this income as produced by labor applied to land and capital equipment. Before land and capital equipment are suitable by individuals; the national income is divided up between laborers, landlords, and capitalists in the structure of wages, rent, and profits...
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