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Adam Smith's Wealth Of Nations - Term Papers

Adam Smith's Wealth Of Nations



This first reading of Adam Smith's, Wealth of Nations, examines the
labor force, ( in this case, of Europe and England ) how it functions to
improve abundance and how that abundance is distributed throughout society.
The amount of annual abundance in a country will depend on two
circumstances. First, by the skill, dexterity, and judgment in applying
labor. Second, by the number of those employed in useful labor versus
those who are not.

By far, the greatest improvement in production was the division of
labor, resulting in a substantial increase in the quantity of work based on
three criteria. First, dexterity of workmen. Second, saving of time.
Third, the invention of ...

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or sugar. Metals became the
preferred common commodity because they were non-perishable and could be
divided. Metals were first used as crude bars of iron or copper with
richer nations using gold and silver. Eventually, the bars evolved into
money as we know it today, stamped by public office known as mint.

This first portion of Wealth of Nations struck me as a mini course in
basic economics. However, given the time period it was written, it did
give me an insight into how our own country prospered so greatly in such a
short time using natural resources, division of labor, and machinery.

Also, as I read about the division of labor and how it has prospered
nations, I couldn't help reflecting back on the principles Rousseau put
forth in The Social Contract. That of everyone working together for the
good of the whole, which while seeming restrictive, actually brings freedom.
The same would seem true of the division of labor. One industry divided
into several ...

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PAPER DETAILS
Added: 3/14/2004 06:18:36 AM
Category: Book Reports
Type: Premium Paper
Words: 400
Pages: 2

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