.... . . Each person, therefore, . . . might be considered as making four thousand eight hundred pins a day. But if they had all wrought separately and...them have made twenty, perhaps not one pin in a day. It is interesting to consider how economists nowadays would model the benefits of roundaboutness or...

...part of forty-eight thousand pins. might be considered as making four thousand eight hundred pins in a day. But if they had all wrought separately and...them have made twenty. perhaps not one pin in a day . . .B To the extent that the skills at issue are difficult to acquire. specialization is essential...

...men poorly provided with machinery, "could make among them upwards of forty-eight thousand pins in a day. . . . But if they had all wrought separately...of them have made twenty, perhaps not one pin in a day."1 1. Smith, Wealth, p. 5. Such an explosive growth of production (aided, we may note, by a bit...

...had once visited. Here, 10 workers produced a total of 48,000 pins a day. "But if they had all worked separately and independently, and without any of them...them have made twenty, perhaps not one pin in a day ..." As division of labor was the prime source of wealth of a nation, he advocated free trade to facilitate...

...part of forty-eight thousand pins, might be considered as making four thousand eight hundred pins in a day. But if they had all wrought separately and...and without any of them having been educated to this particular business, they certainly could not each of them have made twenty, perhaps not one pin in...

...to forty-eight thousand pins a day. . . . But if they all worked separately and independently . . . they certainly could not each of them have made twenty, perhaps not one pin a day. . . . This great increase of the quantity of work ... is owing to three different circumstances;...

...bedenkt, was ohne eine solche arbeitsteilige Organisation der Stecknadelherstellung der Fall wäre: „But if they had all wrought separately and independently, and without any of them having be educated to this peculiar business, they certainly could not each of them have made twenty, perhaps...

...separately and independentlv, and without any of them having heen educated to this peculiar husiness, thev certainly could not each of them have made twenty, perhaps not one pin in a dav; that is, certainly not the two hundred and fortieth, perhaps not the four thousand eight hundredth...

...part of forty-eight thousand pins, might be considered as making four thousand eight hundred pins in a day. But if they had all wrought separately and...them have made twenty, perhaps not one pin in a day." M. Say furnishes a still stronger example of the effects of division of labor— from a not very important...

...part of fortyeight thousand pins, might be considered as making four thousand eight hundred pins in a day. But if they had all wrought separately and...of them have made twenty, perhaps not one pin in a day.62 Like Aristotle, Smith begins with basic observations and certain assumptions and reasons out...