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 general equilibrium model to demonstrate this benefit, which is referred to as the â€œvalue of timeâ€ benefit of the division of labor.
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Bibliographic InfoPaper provided by Monash University, Department of Economics in its series Monash Economics Working Papers with number 16-10.
Length: 19 pages
Date of creation: May 2010
Date of revision:
Contact details of provider:
Postal: Department of Economics, Monash University, Victoria 3800, Australia
Web page: http://www.buseco.monash.edu.au/eco/
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Other versions of this item:
- Wenli Cheng, 2012. "A Benefit from the Division of Labor that Adam Smith Missed," Eastern Economic Journal, Palgrave Macmillan, vol. 38(3), pages 310-318.
- 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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