• Research Paper on:
    Division Of Labor and Adam Smith

    Number of Pages: 8

     

    Summary of the research paper:

    This paper consists of eight pages and equates national prosperity to the division of labor as outlined by Smith in Wealth of Nations. Also discussed is Smith's powerful influence and the continued relevance of his text and economic theory. There are seven sources cited in the bibliography.

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    brilliance of his mind. Kenneth Boulding, a well-known expert said: "It is clear that the last two hundred years has been the age of Adam Smith and of his followers  and perverters" (Dugi 1992, p. 6). His groundbreaking and classic works are based on his desire to demystify the human condition and his economics is based on extensive studies of  the history of human nature (Dugi 6). The Wealth of Nations is Smiths contribution to timeless common sense. To political economists, Smiths name and this title bring two specific ideas  immediately to mind: the division of labor and laissez-faire (Avishai 38). Smith coined the first phrase, which suggests how human skills create social wealth (Avishai 38). The second phrase was  ascribed to him by French economists; it suggests how the creation of social wealth defines the responsibility of the government (Avishai 38). Avishai commented that when these two are taken  together, the arguments underlying these two phrases "amount to the only great prophesy of business in "civil"--that is, citified--society" (Avishai 1994, p. 38). Avishai also noted that The Wealth of  Nations, which was published in 1776, is basically a "sketch of industrial capitalisms first and most enduring social compact" (Avishai 1994, p. 38). The Wealth of Nations actually consists of  five books. Smith began with a discussion of the division of labor and the market consequences of this factor. The second book dealt with accumulation. The third addressed economic development.  The fourth contained his analysis of numerous ideas, policies and system of political economy. The last book was an extensive discussion of the appropriate role of government in the market  society (Dugi 6). This essay focuses on Smiths thoughts on the division of labor. Smith considered the division of labor essential in advancing the wealth of a nation. The 

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