Division of labor in pin making.

Division of labor and its consequences (Smith 3/4)

As I have written in the previous article on this topic, the last surprise from my first reading of the Wealth of Nations, was Smith’s acknowledgment of the bad side-effects of the division of labor, although the division of labor was the main point of his discourse.

A great chunk (if not the most) of the book was dedicated to demonstrating how economic growth is based on the…