A source of innovation for publishers

William Jovanovich

The division of labor allows specialists to focus on their strengths in the marketplace. The idea is as good and useful today as it was when Adam Smith first talked about it in The Wealth of Nations. But the division of labor can also create other divisions -- divisions of assumptions, incentives, communication, and creativity. Sometimes I think that these divisions can do as much damage to a business as the division of labor does it good.Wise minds in the industry have addressed this problem … [Read more...]

Adam Smith for dummies

Adam Smith

Despite their obvious differences,┬áDas Kapital and The Wealth of Nations share at least one similarity: Nobody reads them. In the case of Karl Marx, this is no tragedy. Thanks to the colorful antics of history (many of them sticky and sanguinary), anyone can see that the bewhiskered dreamer was full of crap.Not so with Adam Smith, whose tome revealed profundities from which anyone would profit -- that is, unless you count the cost of actually digesting The Wealth of Nations. Any edition of … [Read more...]


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