Monday, June 9, 2008

United We Stand, Divided We Fall

In The Wealth of Nations by Adam Smith, the improvement of the laborer is also the improvement of the country. Is this true? Or does this still remain a theory? If yes, what are the countries that delve on the improvement of the laborer? If no, why not?

Also, Adam Smith (in the same book) discussed something about a scenario saying than even if wage is increased, there is a point that it will no longer benefit the workers (Iron Rule of Wages). Do you believe that this is a sound hypothesis?

The assembly line introduced by the Americans follow the observation of Adam Smith that division of labor yields a lot of advantages. But does division of labor imply specialization of work at all times? The division of labor leads to convenience for men, but not always to the progress of the society. To what extent of the division of labor favorable to progress?