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by kqr
1892 days ago
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Something a lot of commenters seem to be missing is that in Adam Smith's time, inheritance meant primogeniture. In other words, the eldest son receives all land, which is indivisible and belongs to the eldest son only. (Who is socially obliged to support the other people in the family as needed.) This ties up a lot of wealth in ways which slow down economic growth immensely. |
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