727 B
727 B
Principal Clerk
Definition
The chief administrative officer in a large enterprise who oversees the general operations and directs the labour of inspection and direction. This role represents the professional management class in commercial organisations.
Source Chapter
Book I, Chapter 6
Context
Used as an example of how the labour of inspection and direction can be separated from ownership of capital. Smith explains that while clerks are paid wages, the profits of stock belong to the capital owner regardless of their involvement in management.
Economic Domain
Production