SOCB42H3 Study Guide - Wage Labour, Productive And Unproductive Labour, Factor Price
Document Summary
The wealth of nations is its per capita national product the amount that the average person actually produces. The productivity of a nation is regulated by: The skill, efficacy and judgment by which productive labour is employed. The proportion of those who are employed in useful labour and those who are not employed in productive labour. Smith"s guiding is: how does a nation as a whole become rich? (essentially about investigating the causes of the wealth of nations) Includes the question of what is the nature of wealth as well as how does one become rich. Title: of the causes of improvements in the productive powers of labour and of the order according to which its produce is naturally distributed among different ranks of people. This section centers on the division of labour and defines it, examines its forms, its relation to productivity as well as its consequences. Explain in your own words smith"s example of the pin factory.
