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Adam Smith Inquiry on the Wealth of Nations - Essay Example

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This essay stresses that in comparing the lives of industrial laborers in England with those of hunters and shepherds in more primitive, ‘barbarous’ societies, Adam Smith successfully portrays the difference between the two lives and equally holds a higher opinion on the life of  herdsmen. …
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Adam Smith Inquiry on the Wealth of Nations
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Adam Smith Inquiry on the Wealth of Nations

Download file to see previous pages... As the discussion highlights subject to his arguments, Adam smith is onto something. First, by saying that specialization and division of labor is the key to prosperity, he was indeed very right because the two attributes leads to perfection and high productivity. At the same time, specialization allows for the maximization of technical skills and relevant innovations. This amounts to effective and quality labor that guarantees better performance in all fields. However, to achieve the skills for specialization and division of labor, adequate knowledge is required. This is only transmitted in a structured education system that starts at childhood and hence the need for widespread education for children. Though this trend was not famous at the time, it would be highly effective upon implementation. Indeed, in the absence of specialization and division of labor, innovations, perfection, high quality labor, and improved performance can never surface. Lack of specialization leads to generalization and lack of specific goals that is detrimental to the economy of any nation. The poor on the other hand develop general skills that are very efficient in their livelihood but have no chances of advancement since there are no innovations. Hence, Adam advocates for widespread education that will improve the skills of the citizens and enhance specialization and division of ...Download file to see next pagesRead More
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