Philosophy 2074F/G Lecture Notes - Lecture 1: Barter, Comparative Advantage

• School: Western University
• Department: Philosophy
• Course: Philosophy 2074F/G
• Professor: Dean Proessel

Document Summary

The great increase in the quantity of work is a consequence of the division of labor is owing to 3 different circumstances: The improvement in the dexterity of the workman necessarily increases the quantity of the work he can perform. The advantage gained by saving the time commonly lost in passing from one sort of work to another. A farmer who has to do every job in his farm is constantly switching from harvesting, finishing, planting etc to the point that. Smith describes him as lazy due to the overall loss in productivity. Doesn"t happen in nature or any other species.