The Wealth of Nations and the Division of Labor

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