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activity Adam Smith agriculture ahead of demand areas argument Australia benefits Britain Butlin capital creation capital instruments cent changes circulating capital Colombia construction consumption cost-reducing costs created crops decisions Denmark difficulties domestic capital formation economic development economies of scale example excluding stocks exist expansion expenditure extent external effects factors factors of production firms Five Year Plan future gross domestic capital idea important income increase India individual industrialisation industry innovation inputs investors Iran irrigation kind Kuznets labour laisser faire land less manufacture ment newly developing countries nineteenth century Nurkse operation opportunities outlays output overhead capital Pakistan pattern pecuniary external economies plant political population population density possible problems production profit railway rainfall raw materials reasons regions requires result roads schemes Sectoral distribution social square mile Sudanese Republic supply TABLE technological tion transport and communications underdeveloped countries underdeveloped economy utilisation