Adam Smith quote from The Wealth of Nations. What is this saying? What is the division of labor? Why is it limited by the extent of the market?
In: Economics
If you are in a tribe and there is only yourself and one other person who can hunt/gather for food, your labor is absolutely essential for the survival of your tribe. You don’t have time or opportunities to focus on developing new tools or better ways of life. If however you are in a tribe (town) where food is provided for in a reasonably assessable way for the population, it allows other to focus on art/ specialized tools/ development.
Division of labor is the ability to get an art degree knowing that you will still be able to provide food because the market is so large that another person supplied food to buy your art.
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