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Smith by Clive Lisamba is a document available to read on EtoBox.

What is Smith about?

Adam Smith analyzed the division of labor and its role in economic growth. He argued that dividing tasks into finer specializations increases productivity through greater dexterity, less time wasted switching tasks, and invention of labor-saving machines. Smith illustrated this with the example of a pin factory. He also analyzed market competition and argued it leads to regular market outcomes through individuals pursuing self-interest. While seeking profit, individuals promote society

Author

Clive Lisamba

Language

EN