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Philosophy 2074F/G Chapter Notes -Barter, Invisible Hand

Course Code
PHIL 2074F/G
Rodney Parker

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For God so loved the world, that he gave his only Son, that whoever believes in
him should not perish but have eternal life. --John 3:16
Jesus said to him, “I am the way, and the truth, and the life. No one come to the
Father except through me.”--John 14:6
So now faith, hope, and love abide, these three; but the greatest of these is love.--
1 Corinthians 13:13
Sins destroy you, Jesus saves you God blessing!
Excerpts from an Inquiry into the Nature and Causes of the Wealth of Nations
---Adam Smith
If there is no division of labor, it is low-efficient
The division of labor, however, so far as it can be introduced, occasions, in every art,
a proportionable increase of the productive powers of labor.
The most opulent nations are commonly more distinguished by their superiority in
manufactures than in agriculture.
In agriculture, the labor of the rich country is not always much more productive than
that of the poor; or, at least, it is never so much more productive, as it commonly is in
The great increase of the quantity of work which, in consequence of the division of
labor, the same number of people are capable of performing, is owing to three
different circumstances; 1, the increase of dexterity in every particular workman; 2,
the saving of the time which is commonly lost in passing from one species of work to
another; 3, the invention of a great number of machines which facilitate and abridge
labor, and enable one man to do the work of many.
1. The improvement of the dexterity of the workman necessarily increases the
quantity of the work he can perform.
2. It is impossible to pass very quickly from one kind of work to another; that is
carried on in a different place, and with quite different tools. It is very easy for
workman who is obliged to change his work and his tools every half hour, and to
.apply his hand in twenty different ways every day to be slothful, lazy and incapable
of any vigorous application even on the most pressing occasions, which must always
reduce considerably the quantity of work which he is capable of performing.
3. Men are much more likely to discover easier and readier methods of attaining any
object, when the whole attention of their minds is directed towards that single object,
than when it is dissipated among a great variety of things. But in consequence of the
division of labor, the whole of every mans attention come naturally to be directed
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