Earlier quoted context omitted.
Adam Smith began his wealth of nations with a description of the division of labor and an essay on how this division leads to an increase in productivity. Specifically, he gives the example of a worker who's sole job it is to make pins, and who devises a way to make them by machine, while previously, each pin was hammered out by hand over a matter of minutes, the new machine makes them in seconds. This division of la…
You might be interested in what this commentator on economics had to say about piecework: "Some workmen, indeed, when they can earn in four days what will maintain them through the week, will be idle the other three. This, however, is by no means the case with the greater part. Workmen, on the contrary, when they are liberally paid by the piece, are very apt to overwork themselves, and to ruin their health and consti…
Adam Smith is truly liberal. I wish he didnt have the reputation of a ruthless capitalist intellectual.