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why Adam Smith opens your eyes' about how the economy works? Explain how. choose one below for Adam Smith Explain the meaning of wage labor
why Adam Smith opens your eyes' about how the economy works? Explain how. choose one below for Adam Smith
- Explain the meaning of wage labor in capitalism. How is it different from serf and slave? Why is wage labor completely incompatible with feudalism?
- From Chapter 1 Of the Division of Labor in the Wealth of Nations, Adam Smith argues that there are three reasons why labor productivity increases due to a division of labor. For each reason, explain it briefly AND provide one example from the contemporary world.
- Explain Adam Smith's growth model or the source of the wealth of nations. How does a division of labor and manufacturing play their roles here? How is this related to the hockey stick curve?
- Explain Smith's market mechanism (unintended consequences) that aligns the self (private) interest or profit motive with social interest. How is it different from the pre-market society? Provide the concrete example too.
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