PHI 175 - Lecture 15 - Lecture15 19:29...

Info icon This preview shows pages 1–2. Sign up to view the full content.

Lecture 15 19:29 Smith,  The Wealth of Nations Division of Labor Why is it so essential to a complex economy? (pp. 453-54 “First…Third”) 1. Doing the same job over and over again makes one very efficient at that particular job Practice makes perfect 2. No time wasted on passing from one task to another Assembly line for production of pins If you have to move from station to station that is very time consuming.  If you sit in one  spot and are handed stuff to do it is quicker Opportunity cost Time lost from moving to spot to post Moving from one task to another might make one more lazy. As much time as possible between to avoid doing more work. 3. Proper Machinery Developed by those who have intimate knowledge of the task The cotton gin example Revolutionizes industry, and also makes a new industry surrounding it (how do we make  the gin better?) 4. Central Planner
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern