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Adam Smith ‘s e book The Wealth of Nations, printed in Great Britain in 1776, distinguished between the outputs of what he termed “productive” and “unproductive” labor. The former, he stated, produced items that might be saved after manufacturing and subsequently exchanged for money or other items of worth. The latter, nonetheless useful or vital, created companies that perished on the time of manufacturing and therefore did not contribute to wealth. Building on this theme, French economist Jean-Baptiste Say argued that production and consumption had been inseparable in companies, coining the time period “immaterial products” to describe them.
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