Showing posts with label The Wealth of Nations. Show all posts
Showing posts with label The Wealth of Nations. Show all posts

Applying "The Wealth of Nations, Book 1, to this decade"



Chapter I Division of Labour and its Productivity
Process improvement from the application of technology will only accelerate and therefore either reduce the number of workers or reduce their working hours. Workforce organization with Managing Director and PA, functional Team Leaders and Teams being flat and easy to understand.

Chapter II Principle which gives occasion to the Division of Labour
Every man can benefit from another's talent and purchase their products as required. Software Bots replacing humans on websites by answering questions with the correct answers 24/7 no time-off or holidays required. Except when maintenance and security checks are required.

Chapter III Division of Labour limited by the extent of the Market
Now in the US, the Gig Economy is trending upwards and one person serves many. Workers now survive with less or no transport for their Products and Services. No geographic boundaries and technology changing the forms of transport to be green with low or no pollution.

Chapter IV The origin and use of Money
The need to facilitate markets in products or services when their demand and price varies. Money enables these exchanges.

Chapter V The real or nominal price of commodities, or their price in Labour or their price in Money
Market supply and price vary with demand and price of labor or their price in Money. Price by location since markets vary by supply and demand.

Chapter VI The component part of the price of commodities
The component parts appear with the number of tasks and costs to change the commodity into the finished product vary with demand and supply of the commodity over the year and from year to year.

Chapter VII The natural and market price of commodities
The natural price covers producing the commodity and bringing it to market. While market price varies with demand and supply and the change in the wealth of suppliers and buyers.

Chapter VIII Wages of labor
Technology and inventions will reduce the amount of labor required and compensate for lower amounts of commodities.

Chapter IX Profits of Stock
Vary with the wealth of the country and organizations that make use of easy money to buy commodities and turn them into products that sell at a profit over costs and markets expand. All countries go up and down for different reasons, with changes in government and relations with trading partners being the most common.

Chapter X Wages and Profit in the different employments of labor and stock
The profit in different employments has grown and the professions and financial services are at the top at the bottom are farm labourers and in the middle butchers and roles that provide 24-hour call-out services with Lock Smiths, Plumbers, Electricians and Window replacement for homes and cars.

Chapter XI Rent of Land
Three orders with those who live by rent, those who live by wages, and those who live by profit. Remember England, Scotland, and Wales landowners related to royalty, from the King or Queen down to Barons and Lords, etc rented out land to farmers, who employed people on the land and in farms for wages. The Merchants and Manufacturers live by profit by dealing in produce from the land and products manufactured. They also act as dealers adjusting prices to match supply and demand which they control to obtain their desired profits. It's only when they became richer than the price of silver went up with it used in kitchen and tableware and in jewelry and lost the relationship to bushels of corn.

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Email: ericsutherland@btws.co.uk

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