adam smith essay

adam smith essay - Labor Economics Adam Smith Chapters Mike...

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Labor Economics Adam Smith Chapters Mike Waters The chapters we had to read from Adam Smith’s book “The wealth of Nations” were very interesting to me. The first chapter was on the division of labour. It talks about how it is difficult for one person to produce an item and to be so efficient with making that item by him and also do other tasks. Instead when one person is responsible for one part of the making process and someone else is responsible for the other part of the making process it could run more smoothly and also be more efficient. The example Smith used was the making of a nail. One man would draw out the wire the second guy would straighten it, the third would cut it, fourth man would point it, fifth guy would grind it at the top of the head and so on and so forth. Also Smith breaks down the division of labour into three parts 1) increase of dexterity in every particular workman, 2) saving of the time which is commonly lost in passing from one species of work to another and 3) invention of a great number of
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adam smith essay - Labor Economics Adam Smith Chapters Mike...

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