How Does Adam Smith Affect The Economy
Adam Smith is a Scottish man born (1728-1790) in the era of the invasion of industrialization and the decline of the custom command rule driven economic system of Europe. These industrialization changes symbolized the intellectual shift of way of doing things from the customary ways. Rationality, secularism, liberty and way of progressing were changing drastically. He studied economics in Glasgow, Scotland and Oxford University, England and was the government economic advisor as well as a professor and a private tutor of the children of royalty family. His intellect and comprehensive in economic was clearly captured in his published book The Wealth of Nation which was sold out in six months.
The book covers the increasingly dominance of the world by capitalism and commerce. He gives his observation after visiting a pin making factory. One man draws out the wire, another straights it, a third cuts it, a fourth points it, a fifth grinds it at
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His work precedes him in the way that he shaped the future of our modern economy. In this situation of Canadian economy collapsing it is due time for the government to take in Adam Smith theory of growing economy since it is the only way to revive it and make it stable among other world economies. The government should consider division of labor far and foremost. In industries and factories work should be divided into at least three to five divisions so as to have different people with different skills doing a particular work. There should be people specialized in manufacturing with appropriate experience, another ground specialized in assuring the quality of the products and another which is specialized in packaging. This way they will have created more jobs for willingly and capable individual thus reducing unemployment rate. Their hard work will earn them wages which will make them able to purchase goods and services thus growing the
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