A Benefit from the Division of Labor that Adam Smith Missed
AbstractThis paper argues that there is an important benefit from the division of labor that Adam Smith failed to mention, that is, the division of labor shortens the time required for capital formation and makes continuous roundabout production possible. The paper presents a simple model to demonstrate this benefit, which is referred to as the “continuity-in-capital-formation” benefit of the division of labor.
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Bibliographic InfoArticle provided by Palgrave Macmillan in its journal Eastern Economic Journal.
Volume (Year): 38 (2012)
Issue (Month): 3 ()
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Postal: Palgrave Macmillan Journals, Subscription Department, Houndmills, Basingstoke, Hampshire RG21 6XS, UK
Other versions of this item:
- Wenli Cheng, 2010. "A Benefit from the Division of Labor that Adam Smith Missed," Monash Economics Working Papers 16-10, Monash University, Department of Economics.
- D92 - Microeconomics - - Intertemporal Choice - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
- O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
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