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PhysicsWorld Archive

Innovation for all nations

  1. Irving A Lerch
October 2005
Article Type
Comment: Forum

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Article summary

In 1776 when Adam Smith published his massive four-volume study An Inquiry Intothe Nature and Causes of the Wealth of Nations, he noted that the specialization of labour had vastly increased industrial productivity. Blacksmiths, for example, were no longer generalists making nails one moment and horseshoes the next. By concentrating on a particular speciality, each labourer's output soared and his products could be sold for less.