Preview

Adam Smith’s ‘Division of Labour’ (1776)

Good Essays
Open Document
Open Document
654 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Adam Smith’s ‘Division of Labour’ (1776)
Adam Smith’s ‘Division of Labour’ (1776)
Great increase of the quantity of work, owing to: 1. Increase in dexterity in every particular workman 2. Saving of the time commonly lost in passing from one species of work to other 3. Invention of a great number of machines which facilitate and abridge labor

Frederick Taylor’s ‘Principles of Scientific Management’ (1911) * Replacement of rule of thumb methods with scientific measurement * Scientific selection and training of workers * Cooperation of management and labor to accomplish work objectives * More equal division of responsibility between managers and workers
Henri Fayol’s ‘Principles of Organization’ (1916) 1. Division of work 2. Authority 3. Discipline 4. Unity of command 5. Unity of direction 6. Subordination of individual interests to general interests 7. Remuneration 8. Centralization 9. Scalar Chain 10. Order 11. Equity 12. Stability of tenure of personnel 13. Initiative 14. Espirit de corps

Max Weber’s ‘Bureaucracy’ (1946) * Characteristics: I. There is the principle of fixed and official jurisdictional areas, which are generally ordered by rules. II. The principles of office hierarchy and of levels of graded authority mean a firmly ordered system of super and subordination. III. The management of the modern office is based upon written documents (“the files”)
IV. Office management, at least all specialized office management- usually presupposes thorough and expert training V. When the office is fully developed, official activity demands the full working capacity of the official VI. The management of the office follows general rules, which are more or less stable, more or less exhaustive, and which can be learned.

Douglas McGregor’s ‘Theory X- Theory Y’ (1960) * Theory X- 1. Employees inherently dislike work and, whenever possible, attempt to avoid

You May Also Find These Documents Helpful

  • Satisfactory Essays

    2) Which best describes the types of agency authority held by officers of a corporation?…

    • 707 Words
    • 4 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Gbl395 Exam1 Review Sheet

    • 1123 Words
    • 5 Pages

    GBL 395 EXAM #1 -­‐ TOPICS Jurisdiction -­‐Power, authority • Impersonal: on person • In rem: on property -­‐Basically establish the current USA, the central gov. -­‐Majority of power belongs to states; empower national gov. with certain authority Federal Court System -­‐Administers cases under the federal laws. -­‐Separate court systems to : •…

    • 1123 Words
    • 5 Pages
    Satisfactory Essays
  • Powerful Essays

    Capitalism refers to the factors of production being privately controlled rather than by the state and that money is invested in businesses to make a profit. The foundation of capitalism was created by Adam Smith, a Scottish philosopher and economist, during the Age of Enlightenment. Smith’s objectives differed from those of the feudal empires and monarchies. The natural laws created by Adam Smith, which characterize the Industrial Revolution in the United States, led to a dramatic increase in competition and a transcendence in the rate of innovation, it is best exemplified through Thomas Edison and Nikola Tesla’s war of currents.…

    • 1553 Words
    • 7 Pages
    Powerful Essays
  • Satisfactory Essays

    2.1. Describe why it is important to adhere to the agreed scope of the job role…

    • 606 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    According to Ayau, trade and cooperation is beneficial to all parties despite differences among them in terms of capacity and talent. He states that everyone is made wealthier through cooperation, and how it is that the market economy leads to the benefit of everyone. In our world today, people base their decisions on the comparison of alternative opportunity costs at the margin, so naturally, they choose the least costly option. However, a person can only get rich by enriching others torpedoes claims to the moral high ground of those who propose that government redistribution of wealth is a means to alleviate poverty (Ayau 32). Ayau explains the workings of the free enterprise system, based on the benefits from mutual gains from trade arising from the creative productivity of a market-based and profit-guided system of division of labor. In addition, he explains that the division of labor through comparative advantage, satisfying society’s needs, trading with and by enriching others is the way someone gain wealth. He says people intuitively do what goes by the name of cost/benefit analysis, for they are quite conscious of what they are quite conscious of what they must forgo to acquire whatever they get in exchange.…

    • 340 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Adam Smith’s The Wealth of Nations is extremely similar in that it postulates that the market will run smoothly when men are left to their rational self to pursue their economic desires. The market only runs smoothly and wealth is only spread when the market is free of policies such as protectionist measures. The rational individual will understand that developing industry locally is more beneficial to himself and therefore the community in which he invests (The Wealth of Nations, 16). The government plays next to no role in the economy, the market regulated by the “invisible hand.” Thus protectionist measures and other forms of market interference began to be greatly looked down upon as inferences within the market, and interferences with…

    • 123 Words
    • 1 Page
    Good Essays
  • Good Essays

    2. 1 Describe why it is important to adhere to the agreed scope of the job…

    • 1382 Words
    • 6 Pages
    Good Essays
  • Good Essays

    Capitalism, according to the Encyclopaedia Britannica, is “the means in which production are privately owned and production is guided and income is disputed largely through the operation of markets”. Capitalism saw the emergence after the feudal system of Western Europe can do a halt. Many economists, even today, dispute the simple beginnings of capitalism. Some theories range from religious reasons, such as the rise of Protestant Reformation in the 1500s, to the enclosure movement in England. How capitalism differs from the feudal system that preceded it is fairly simple. Prior to capitalism the title in economic system at the time consisted of kings, lords and serfs. An example country would be ruled ultimately by a king who would have several lords in charge of various provinces. They would rule over the peasantry who never really had an incentive, other than their own subsistence, to work for the lord. For many complex events that underwent in Europe during the mid to late 1500s, this system came to an end and was replaced by capitalism.…

    • 1036 Words
    • 5 Pages
    Good Essays
  • Good Essays

    Adam Smith was the first major capitalist philosopher to praise free market economy and no government involvement in the economy. Smith was an 18th century philosopher whose beliefs led to some of our modern day theories; his work marks the breakthrough of an approach which has progressively displaced the stationary Aristotelian view. His most famous book is An Inquiry into the Nature and Causes of the Wealth of Nations, which was written in 1776.…

    • 617 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Modern political economic theory and philosophy can be greatly attributed to the works of two men who seemingly held polar opposite views on the subject. Adam Smith, a Scottish philosopher, published his most well known work An Inquiry into the Nature and Causes of the Wealth of Nations in 1776 and is most often associated with the ideas and principles of the political economic system known as Capitalism. At the other end of the spectrum is Karl Marx; the German philosopher most often associated with Communism and the author (or co-author) of The Communist Manifesto. This paper seeks to discuss the core differences in their respective political economic philosophies with regards to what economic value is and what the role of government should be in their versions of political economy. This will conclude with the argument that while Smith's work had laid the foundation for modern economic philosophy, it was Marx who would ultimately leave the most significant impression upon the world with his revolutionary ideas.…

    • 2054 Words
    • 9 Pages
    Powerful Essays
  • Good Essays

    Health and Social Care

    • 1060 Words
    • 5 Pages

    2.1 Describe why it is important to adhere to the agreed scope of the job…

    • 1060 Words
    • 5 Pages
    Good Essays
  • Satisfactory Essays

    Om-Midterm Exam

    • 576 Words
    • 3 Pages

    –Management of the conversion process which transforms inputs such as raw material and labor into outputs in the form of finished goods and services.…

    • 576 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Teenagers in Antigua 12-16 are becoming pregnant, which result to delay or incomplete high school education.…

    • 516 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Division of Labor

    • 13485 Words
    • 54 Pages

    In 1776, Adam Smith opened The Wealth of Nations with the observation that "the greatest improvements in the productive powers of labour, and the greatest part of the skill, dexterity, and judgement with which it is anywhere directed, or applied, seem to have been the effects of the division of labour."1 Despite the numerous economic advantages thus derived, however, Smith insisted that the division of labor was not itself the effect of any human wisdom or foresight; rather, it was the necessary, albeit very slow and gradual, consequence of a certain propensity in human nature -- "the propensity to truck, barter, and exchange one thing for another."2 Common to all men, this propensity could be found in no other animals; and, subsequently encouraged by the recognition of individual self-interest, it gave rise to differences among men more extensive, more important, and ultimately more useful than those implied by their natural endowments.…

    • 13485 Words
    • 54 Pages
    Powerful Essays
  • Satisfactory Essays

    High Quality Service

    • 325 Words
    • 2 Pages

    2. Which parts (theories or categories of theories) would be the most important of an effective system to organize and control employees…

    • 325 Words
    • 2 Pages
    Satisfactory Essays

Related Topics