Free market principles are evident in Asian economies. However, isn't it also true that some Asian countries - Japan, for example – ascribe to an approach to economic development that emphasize government action to stimulate industry? Japan has had its economic troubles in recent years, as all countries do, but does its general success give credence to the theory that government should actively work to stimulate industry?
It is stated in Adam Smith's The Wealth of Nations that the invention of machines facilitated and abridged labor. Does this not also degrade man power and at the same time removes the opportunity for the laborer to develop skills in performing the task?
If every laborer has only one task to perform and specialized with, what if a situation comes that there is a need for a new man to perform such task isn't it that it will be more convenient to have a man who is already part of the company who could have learned the skill than to hire a new one?
It is stated in Adam Smith's The Wealth of Nations that the invention of machines facilitated and abridged labor. Does this not also degrade man power and at the same time removes the opportunity for the laborer to develop skills in performing the task?
If every laborer has only one task to perform and specialized with, what if a situation comes that there is a need for a new man to perform such task isn't it that it will be more convenient to have a man who is already part of the company who could have learned the skill than to hire a new one?