Text From Adam Smith

Adam Smith was a strong proponent of the division of labor, which he saw as an essential contributor to the 'wealth of nations.' In the first paragraph of the text, he encouraged specialization amongst the workforce along the lines of each workers' particular talents - i.e., the tailor makes clothes, shoemakers make shoes, farmer harvests crops. Out of self-interest, each of these workers is employed in their particular trade. However, this activity yields another important characteristic of the 'economic man' for Smith, a propensity to exchange. Through the division of labor and specialization, labor productivity increases momentously.

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Text From Adam Smith Text From Adam Smith Reviewed by ESATRA on 5:14:00 AM Rating: 5
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