ECON 001A Lecture Notes - Lecture 11: Barter, Invisible Hand
19 May 2020
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Adam smith, an inquiry into the nature and causes of the wealth of nations (1776)* Destined to supply the small wants of but a small number of people, the whole number of workmen must necessarily be small. Every different branch of the work employs so great of a number of workmen that it is impossible to collect them all into the same workhouse. One man draws out the wire, another straights it, a third cuts it, a fourth points it, a fifth grinds it at the top for receiving . The separation of different trades and employments from one another seems to have taken place in consequence of the advantage of a proportionable increase of the productive powers of labour. Enjoy the highest degree of industry and improvement. Great increase of the quantity of work (consequence of the division of labour) The same number of people are capable of performing is owing three different circumstances.
