The article by Allwyn A. Young discusses the concept of increasing returns and its role in economic progress. Young argues that increasing returns are not solely about the pursuit of historical philosophies or the equilibrium of supply and demand, but rather about the broader aspects of industrial progress. He emphasizes the distinction between internal and external economies, where internal economies are achieved by firms as they scale up, while external economies are realized through changes in the industry as a whole. Young highlights the importance of the division of labor and the extent of the market in realizing increasing returns. He suggests that the division of labor, particularly in its modern forms, leads to economies of scale and indirect methods of production, which are crucial for economic progress. The article also touches on the role of scientific knowledge, population growth, and the search for markets in driving economic progress. Young concludes that the realization of increasing returns is a process that requires time and is influenced by various factors, including the elasticity of demand and supply, natural resources, and scientific advancements.The article by Allwyn A. Young discusses the concept of increasing returns and its role in economic progress. Young argues that increasing returns are not solely about the pursuit of historical philosophies or the equilibrium of supply and demand, but rather about the broader aspects of industrial progress. He emphasizes the distinction between internal and external economies, where internal economies are achieved by firms as they scale up, while external economies are realized through changes in the industry as a whole. Young highlights the importance of the division of labor and the extent of the market in realizing increasing returns. He suggests that the division of labor, particularly in its modern forms, leads to economies of scale and indirect methods of production, which are crucial for economic progress. The article also touches on the role of scientific knowledge, population growth, and the search for markets in driving economic progress. Young concludes that the realization of increasing returns is a process that requires time and is influenced by various factors, including the elasticity of demand and supply, natural resources, and scientific advancements.