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Adam Smith, Allyn Young, and the division of labor.
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The division of labor is central to Adam Smith's explanation of growth. (1) For Smith the division of labor is the chief source of productivity gains, in his famous pin factory example, (2) if each man specializes in some particular aspect of pin making, it renders possible a dramatic increase in total output and output per man. On the other hand, if there is no specialization so that every man is involved in all the aspects of pin making, output and productivity are minimal. Smith in his Wealth of Nations listed three advantages flowing out of the division of labor: increase in ...
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