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Both Carl Menger and Alan Young discuss Adam Smith's thesis on economic 
progress. 
 
Menger, Carl (1981). Principles of Economics. Translated by James Dingwall 
and Bert Hoselitz. New York: New York University Press. (Originally 
published in German in 1871) 
 
Young, Allyn A., "Increasing Returns and Economic Progress," Economic 
Journal, December, 1928. 
 
Pat Gunning 
American University of Sharjah 
 
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