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Adam Smith, ‘The division of labor and extensions of the market’

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Adam Smith was born in 1723 and died in 1790. He was a distracted scientist, Scottish and heedless of the real world. At 14, he entered the University of Glasgow. From the age of 17 to 23, he studied at Oxford and other English institutions. In 1746, he returned to Scotland where he was professor of logic at Glasgow before teaching moral philosophy. In 1759, he published ?The theory of new feelings', which was an important work because Smith was identified and he became the tutor of a young duke. He continued being a tutor from 1763 to 1767. He later met Quesnay and Turgot, who introduced him to political economy.

On his return in 1767 he created the modern political economy, it took 10 years and in 1776, he published the book ?Inquiry into the Nature and Causes of the Wealth of Nations'. In 1778, he became Commissioner of Customs until his death in 1790.

This report consists of:

I. The division of labor contracts and extensions

II. The technical division and the social division of labor: Analogy

In this text there is a worker who produces between one and twenty pins per day and he does the whole process by himself. Now, making pins is done in eighteen steps, the worker produces four thousand eight hundred pins in a day. So this is a technical division of labor.

By definition, the technical division of labor is the division within a company. It is characterized by the fact that each worker has a specific task on a mandatory basis. This is horizontal division of labor.

Smith extends the principle of division in the entire social body. This is called social division of labor. This means that individuals are moving according to their capabilities to a trade to which they devote themselves after a period of learning.

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