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Need an argumentative essay on Book Review on Wealth of nations. Needs to be 5 pages. Please no plagiarism.No doubt, this review will provide any student of economics useful insights regarding the var
Need an argumentative essay on Book Review on Wealth of nations. Needs to be 5 pages. Please no plagiarism.
No doubt, this review will provide any student of economics useful insights regarding the various aspects of the concept of the division of labor. Chapter one of the book unearths the meaning and scope of the division of labor. At the very outset of the chapter Smith purports that the division of labor has tremendously improved the productive powers of labor. He offers a number of instances to prove that the concept of the division of labor has drastically changed the nature of markets and economies. Smith then goes on to enumerate the benefits as well as the various effects of the division of labor on workforce productivity and the extent of the market. For him, the division of labor works effectively with both small and great manufactures even though with the latter the division is less observed. Smith explains the benefits or advantages of the division of labor by explaining the example of the trade of a pin-maker. He postulates that while one individual may find it difficult to make a single pin within a day it is possible for a group of ten workers to make forty-eight thousands pins in a day through ‘proper division and combination of their different operations’ (Smith, 2009, p.8). ...
He observes that agriculture does not permit one so many subdivisions of labor as in the case of manufactures. He also observes that one of the reasons why agriculture has failed to cope up with the pace of improvements in manufactures is this impossibility of separating the various branches of labor in agriculture (Smith, 2009). He also observes that wealthy nations are marked by greater superiority in manufactures rather than in agriculture. In chapter one, Smith also argues that the division of labor can positively contribute to the three different circumstances that increase the quantity of work: “first, to the increase of dexterity in every particular workman. secondly, to the saving of the time which is commonly lost in passing from one species of work to another. and, lastly, to the invention of a great number of machines which facilitate and abridge labor, and enable one man to do the work of many” (Smith, 2009, p. 9). Division of labor increases the dexterity of the workforce by reducing the volume of work into simple operations. it saves the time of the workforce as each one indulges in such operations of personal expertise. and proper machinery (the workforce will soon identify new machineries that would facilitate their subdivisions of labor as and when their expertise increases) will also result in more productivity. A probe into history will convince one that wealthy nations are characterized by these three favorable circumstances. Smith thus concludes the first chapter of the book by reinstating that no nations could become prosperous or wealthy without the proper division of labor within the country.