“It is not from the benevolence of the butcher, the...

â€Å"It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest.† This is a quote from the book Wealth of Nations, which Adam Smith wrote, addresses well about why and what reason people work for. The butcher, the brewer, or the baker does not cut, stir, or bake because they want to please the customer or to feed the poor, but to earn money and for their own happiness. Adam Smith, who fully understood the concepts of capitalism and free market system, became one of the most well respected economists throughout the world. Smith became famous because of his philosophy of economics. Because of his thoughts on economics, today he is well known as the â€Å"father of†¦show more content†¦The first book is â€Å"Of the causes of improvement in the productive powers of labour, and of the order according to which its produce is naturally distributed among the different ranks of the people ,† the second book is â€Å"Of the Nature, Accumulation, and Employment of Stock,† the third book is â€Å"Of the different progress of Opulence in different Nations,† and the fourth books is â€Å"Of Systems of political Economy,† and the last fifth book is â€Å"Of the Revenue of the Sovereign or Commonwealth.† The first book, â€Å"Of the causes of improvement†¦,† talks about the division of labor and the wage of labors. According to Smith, there are three advantage of division of labor. First, it increases the employees’ dexterity; second it decreases the amount of time it consumes to make the product; and third reason is that because of the many inventions of machine, each employee can perform the work of many. Smith thought division of labor is important because labors can be more efficient if they are specialized in specific work. Also, in the first book of Wealth of Nations Smith also explains why the wages of individual profession is different. The five following are the principal circumstances which, so far as I have been able to observe, make up for a small pecuniary gain in some employments, and counter-balance a great one in others: first, the agreeableness or disagreeableness of the employments themselves; secondly, the easiness and cheapness, or theShow MoreRelatedDiscuss Smith s Ideas On The Division Of Labour1073 Words   |  5 Pagesstate. 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