User talk:Pengpascal
Adam Smith (1723 – July 17, 1790) was a Scottish political economist and moral philosopher. His Inquiry into the Nature and Causes of the Wealth of Nations was one of the earliest attempts to study the historical development of industry and commerce in Europe. That work helped to create the modern academic discipline of economics and provided one of the best-known intellectual rationales for free trade and capitalism. ü The Wealth of Nations also rejects the Physiocratic school's emphasis on the importance of land; instead, Smith believed labour was tantamount, and that a division of labour would effect a great increase in production ü Division of labour is the breakdown of labour into specific, circumscribed tasks for maximum efficiency of output in the context of manufacturing ü The specialization and concentration of the workers on their single subtasks often leads to greater skill and greater productivity on their particular subtasks.
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