HISTORY 250 Chapter Book 1 Ch 1-3: Wealth of Nations
25 Sep 2016
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Adam smith an inquiry into the nature and causes of the wealth of nations. Introduction and plan of the work: annual labor = provides the people with the money to purchase product/services that their nation"s la(cid:271)or or other nation"s la(cid:271)or supplies. If the products/services provided by a nation do not match the proportion of people consuming them, the nation will be worse off; the proportion must be regulated by: (cid:862)skill, dexterity, and judgment(cid:863) of the labor force. Increase in dexterity of every person working: giving every person only one simple task means that that person will become highly skilled in that operation since they will have performed the task many times before. Example: a weaver might have to switch between the farm and the loom which would be a large, unnecessary time commitment. Constantly beginning new tasks may make workers lazier/more slothful.
