The Industrial Revolution was an important step for many countries during the late 18th century to 19th century, as it changed the way products were manufactured to what is now seen today. In Adam Smith’s first chapter of, An Inquiry into the Nature and Causes of the Wealth of Nations, the division of labor is seen as a necessity for maximizing the efficiency of creating manufactured goods. The way Smith describes the importance of the division of labor relates back to Hoffmann in, “European Modernity and Soviet Socialism”, as both emphasize the categorization of the branches of labor and making humans more efficient during their livelihood. … Read the rest here
An Inquiry into the Nature and Cause of the Wealth of Nations
Author: Adam Smith. A pioneering economist who developed revolutionary concepts associated with free market economic theory. He argued that rational people, acting in their own self-interest, could create en efficient economic system. He studied in England but was of Scottish decent. He was influenced by the Scottish Enlightenment.
Context: The work was published in 1776. It was published during the beginning of the industrial revolution in response to the outdated economic ideas of the time.… Read the rest here
Adam Smith writes about the division of labor and its essential role in industry and innovation. He uses the example of a pin-maker with little experience, who may by himself manufacture only one pin in a day. There are as many as eighteen distinct steps that go into making a single pin; these are tasks that if all executed by one man take much longer to master and much longer to carry out. If these eighteen tasks are delegated to different pairs of hands however, each pair carrying out only two or three of these eighteen steps, the production of pins will skyrocket.… Read the rest here