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Advantages of division of labor can be seen in large organizations that have various branches and finally the branches incorporate into one bigger organization. Each branch has its own set of activities that it works on and has perfected. For instance, in a manufacturing organization there could be branches such as finance, production, sales, and marketing among others. Combination of all these branches makes one large organization and bringing together activities from the various branches gives better performance than if these tasks were to be conducted by one body. In his example about pin making, Smith argues that division of labor yields better results that non specialization (Smith, 2007, p. 3). This implies that division of labor is certainly an important aspect in increasing production levels in an organization.
Actually, division of labor yields multiples than what would have been produced without division of labor. Combinations of the results presented from division of labor are seemingly unachievable if each person carried out the entire process alone. Borrowing from Smith’s example of pin making, it is evident that sometimes production of one person may not even yield one complete production of a pin per day. The efficiency and change brought about by division of labor is amazing. Increasing number of branches within an organization raises the chances of more production. This implies that breaking down a large organization into various stand-alone branches adds efficiency and consequently increased production.
Evidently, countries that have adopted division of labor are more productive. Each person in the society has specific tasks and upon bringing the various different tasks together, the total production of the country is great. For instance, areas with huge chunks of land are used specifically for farming and the people around those areas only dwell in
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Adam Smith Economics has been a prominent subject and a school of thought in practical as well as theoretical viewpoint. The subject is the field of social science which pertains to the analysis of the distribution, production and consumption of services and goods.
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Adam Smith is an economist and a writer of a number of prominent books, such as The Nature and Causes of the Wealth of Nations written in 1776. He theorized a system, which fixed essential principles of economics and its operations (Smith (a), n. d.). His book explicates the relation of supply and demand and the ideation of division of labour forces in the industrial period, which accorded him such distinction that catapulted him to the Board of Customs in Scotland.
Adam Smith vs. Samuel Smiles. Adam Smith was an 18th Century professor of logic and philosophy who had immense interests in the workings of economies all over the world, and their impact on people’s lives. Smith’s best works are exhibited in his 1776 publication followed by Wealth of Nations, which rightly addresses the notion of economic liberalism.
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What is more, John Maynard Keynes and Adam Smith offered more than economic theory; they proposed policy solutions to the existing economic problems. These solutions were developed in order to improve macroeconomic performance and national prosperity.
As Wesley Mitchell put
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requires state intervention to ensure that the prices of labor, land, and money are all controlled only by economic factors internal to that self-regulating market. When social, environmental, religious or national policies interfere with the operating of that self regulating
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