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Wages
The Pin Factory
The pin factory represents how the division of labor drives productivity growth. This means that, when people divide themselves into specialized jobs, they can produce more economic value (rude produce, goods, and services)…
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The Invisible Hand
Smith’s “invisible hand” metaphor represents how people’s economic self-interest often aligns with the interests of their national economies as a whole—but also, from a contemporary perspective, how modern economists have frequently distorted Smith’s ideas. Smith…
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