In his famous treatise, the economist Adam Smith reminds us “that wealth does not consist in money, or in gold and silver; but in what money purchases, and is valuable only for purchasing.” Put another way, a nation’s wealth comprises “its land, houses, and consumable goods of all different kinds” — that is, the products and services available for purchase.…
Not too long ago, shopping for an item could take considerable time. Assuming that you knew what you were looking for, several phone calls still might be required to locate where it was for sale. Then you might spend an hour or two to travel there, make the purchase, and return home. Or perhaps no one had what you were…
The earliest proponent of the division of labor I’m familiar with is Socrates. In Plato’s Republic, for example, he argues for why we each must choose a profession and work at it – that all work requires a kind of devotion – if we want to become proficient enough to produce useful goods and services. For him, being productive depends…