Smith s Vision Division Of Labor - 1330 Words

Smith’s Vision: Division of Labor in the Workplace Versus Society In Wealth of Nations, Smith posits that that division of labor, both in society and the workplace, is the driving force behind increased production (Smith, 1), and that individual self-interest motivates people to specialize (15), both within a society and in the workplace. Through the examples of a hypothetical pre-modern arrow-maker (16) and pin-makers from his own time (7), Smith presents the ever-increasing specialization within the workforce as a natural progression of the early division of society by profession. However, in his explanation of the division of labor, Smith falls short in establishing the factor of self interest in the example of the pin-maker, thus somewhat undermining the consistency of his theories on the division of labor. In the very first sentence of Wealth of Nations, Adam Smith declares that division of labor is the source of improvement in production. In his iconic pin factory example, he demonstrates these benefits of division of labor—namely, the â€Å"increase of dexterity† (Smith 7) of a worker, the â€Å"saving of time† (7) from not having to alternate jobs, and the development of new, more efficient machines. By specializing in one component of the pin-making process, for example, straightening the metal, the worker can become an expert in that task, and will not have to waste time learning to do the other tasks and switching between them. Smith estimates that a single man workingShow MoreRelatedAdam Smith And His Influence On American Society Essay1348 Words   |  6 Pagesnone made so great an impact on American society as the Scottish contemporary philosopher and political economist, Adam Smith—who is most known for his influential work, An Inquiry into the Nature and Causes of the Wealth of Nations, By the early nineteenth century, other streams of economic theory emerged from various individuals who were also influenced by the ideas of Smith. Some of these individuals included David Ricardo, Karl Marx and later John Maynard Keynes and Milton Friedman—each of whomRead MoreSmith vs. Marx - a Comparison Essay1247 Words   |  5 PagesSmith versus Marx Ââ€" A Comparison S. Glen Balanoff July 04, 2004 Smith versus Marx Ââ€" A Comparison Modern economic society can be described as a combination of certain points from several theories combined into one. Changing dynamics and economic needs of nations has spawned a development of various, and contrasting, economic systems throughout the world. Perhaps the two most contrasting philosophies seen in existence today are that of capitalism and communism. The two philosophers most notablyRead MoreThe Great Ideas Of Thomas Hobbes Leviathan, And Adam Smith s The Wealth Of Nations1083 Words   |  5 Pagestake what is yours. Due to this â€Å"war of every man against every man,† there is â€Å"continual fear, and danger of violent death; and the life of man is solitary, poor, nasty, brutish and short†. Hobbes’ view of human nature leads him to develop his vision of an ideal government. Hobbes is predicting mans willingness to relinquish his absolute liberty, in favour of forming a monarchy. This monarchy would work to keep peace among the people, as well as protect them from foreign enemies. 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