Although largely absent from modern accounts of the Industrial Revolution, watches were the first mass produced consumer durable, and were Adam Smith's pre-eminent example of technological progress. In fact, Smith makes the notable claim that watch prices may have fallen by up to 95 per cent...

The purpose of this paper is to present the views of various schools of economic thought on the sources of the institutional order of economies. The premises of the theories of constituted and spontaneous economic orders are taken as the criteria on the basis of which the sources of an...