x
author | cmp2020 |
---|---|
permlink | adam-smith-on-capitalism-my-review-of-the-wealth-of-nations-book-1-chapter-1-of-the-division-of-labour |
category | economics |
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Oh, nice! I have thought on doing this too for several classics, but too much other stuff :D I hope you also include the things where Smith was wrong or simply didn't know things, that helps a lot more to understanding those topics.
author | lennstar |
---|---|
permlink | re-cmp2020-adam-smith-on-capitalism-my-review-of-the-wealth-of-nations-book-1-chapter-1-of-the-division-of-labour-20180623t171251508z |
category | economics |
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Thank you! I have been working on today's article and have noticed a few things that are almost certainly not true. Feel free to point out anything you feel is wrong as well.
author | cmp2020 |
---|---|
permlink | re-lennstar-re-cmp2020-adam-smith-on-capitalism-my-review-of-the-wealth-of-nations-book-1-chapter-1-of-the-division-of-labour-20180623t174104944z |
category | economics |
json_metadata | {"tags":["economics"],"app":"steemit/0.1"} |
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This excerpt: > The increase in production can be attributed to three factors (1) an increase in dexterity amongst workers, (2) the time saved through division of labor, and (3) the invention of machines which can allow one man to do the work of multiple men. Reminded me of an article that I'd read recently. [Formal Education Doesn't Lift Worker Productivity. So What Does?](https://fee.org/articles/formal-education-doesnt-lift-worker-productivity-so-what-does/), by [Bryan Caplan](https://fee.org/people/bryan-caplan/). It's interesting that 2 of Smith's factors show up in Caplan's article. Specifically, Caplan says that "practice" and "management" explain the modern gains in productivity. These align nicely with the increase of dexterity and the division of labor. And even more interesting, commenters suggested that "tools" or "capital goods" should be added to Caplan's list. This addition fits nicely with Smith's 3rd category, "machines."
author | remlaps |
---|---|
permlink | re-cmp2020-adam-smith-on-capitalism-my-review-of-the-wealth-of-nations-book-1-chapter-1-of-the-division-of-labour-20180623t171725347z |
category | economics |
json_metadata | {"tags":["economics"],"links":["https://fee.org/articles/formal-education-doesnt-lift-worker-productivity-so-what-does/","https://fee.org/people/bryan-caplan/"],"app":"steemit/0.1"} |
created | 2018-06-23 17:17:24 |
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I was mildly surprised that Smith did not discuss wages under dexterity. I would say that the biggest contributor to hard work is incentive. Think about the quality of a Steemit article vs a Facebook post.
author | cmp2020 |
---|---|
permlink | re-remlaps-re-cmp2020-adam-smith-on-capitalism-my-review-of-the-wealth-of-nations-book-1-chapter-1-of-the-division-of-labour-20180623t173936682z |
category | economics |
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