Has Anyone Read Adam Smith?


#1

Alright, like I’ve said on the forum before, though I’m new, I’m a business consultant and educator-- so let’s talk business theory, something that can help developing entrepreneurs have insight as they sell and trade online with outlets like Fiverr. After delving into financial and business theory the last few years, I was really pleased to see Fiverr demonstrating some of the same market principles that have been clouded all over the internet in one places:



Wealth of Nations Major concept:

–Division of Labor: How bigger processes are possible with little parts and natural dispersion occurs based on season and natural factors of the market

–Productivity: Essentially praising how work is sourced, managed, and costed to achieve value also lamenting things like apprenticeships, and respecting the more profiting and contributing quick trained, quick profitable workers of trade

–Free Markets: This is very important, because it essentially tolerates that allowing the market to work will have it arrive at equilibrium. Prices, wages, stock and labor all will balance out over time, sometimes violently depending on how people respond, or softly If people are malleable to the invisible hand

What particularly made me appreciate Adam Smith more, not not my colleague in London of similar name, but his concepts on division of labor that are actually contrary to the dull application in the Industrial Revolution. As can be nicely shared by Shark Tank’s Mr. Wonderful. People need to be skilled and adept at every level. Regulation and interference in business also is a major issue that Smith just gave clarity about.



Alas, I hope you all consider that on your gigs that it’s actually centuries of economic theory at work.

Let me know if you’ve read him and if you can apply his concepts yourself!



Cheers,

BG @ StudioBassD


#2

Perhaps not a favorite here…