generated from coulomb/repo-seed
26 lines
901 B
Markdown
26 lines
901 B
Markdown
# Division of Labour
|
|
|
|
## Definition
|
|
|
|
The separation of a work process into distinct tasks performed by specialised workers, increasing productivity through greater dexterity, saved time, and the invention of labour-saving machinery, originally arising from the propensity to truck, barter, and exchange.
|
|
|
|
## Source Chapter
|
|
|
|
Book I, Chapter 2
|
|
|
|
## Context
|
|
|
|
The chapter's central concept, described as the necessary consequence of human propensity to exchange, which allows individuals to specialise in particular occupations and thereby increase overall productivity and wealth.
|
|
|
|
## Economic Domain
|
|
|
|
Production
|
|
|
|
## Original Wording
|
|
|
|
Smith describes the division of labour as arising from the power of exchange and as a source of increased productive powers.
|
|
|
|
## Modern Interpretation
|
|
|
|
Specialisation increases throughput by improving skill, reducing switching costs, and encouraging process innovation.
|