Adam Smith was an influential Scottish economist born in 1723. He is known for his book The Wealth of Nations published in 1776 which discussed concepts like the division of labor and free market capitalism. The document discusses Smith's life and work, including his theory of work specialization which argued that breaking down jobs into smaller tasks and assigning them to specialized workers improves productivity. An example given is Smith's pin factory example which demonstrated how separating the 18 steps of pin production among 10 workers could dramatically increase output.

1. Adam Smith Work Specialization BA-31 DO1A By: VasylPyrozhyk, Sergey Ratman, Yoni Yadgaran Fall 2009

2. Adam Smith (5 June 1723 – 17 July 1790)

3. Biography Baptized June 16th 1723 in Kirkcaldy, Fife, Scotland As a youngster attended Burgh School of Kirkcaldy, at age 14 left for University of Glasgow to study under Francis Hutcheson At age of 17 won Snell Exhibition award and was accepted into Balliol College in Oxford. Between 1748 and 1763, Adam Smith Went on to lecture at Various Colleges on his ideas of Political and Economic Philosophies. In 1759 Published book The Theory of Moral Sentiments In 1763 he accepts tutoring position teaching Henry Scott the Young Duke of Buccleuch which gave him opportunity to meat many intellectual peers alike himself In 1766 Henrys Scott younger brother dies, which results in Smiths moving back to Kirkcaldy where he wrote The Wealth Of Nations

4. Interesting Facts Got kidnapped by gypsies at age of 4 Was absent minded, slightly eccentric with speech impairment, spoke and smiled to himself Was highly intellectual, taught himself in the Oxford library Believed in deism Never sat down for a portrait

5. Age of Enlightenment Age of Enlightenment is referring to the 18 century It was the age when reason became a primary source of legitimacy in most of European countries and, struggling for its independence , the United States Many ideas critical to our time evolved including centrality of freedom, democracy and reason as the most important values in society French and American revolution Philosophy and Science increased in prominence Industrial Revolutions birth in Britain

6. Work Specialization Theory of Work Specialization – Breaking down large jobs into smaller components, and delegating different parts to individual workers Was explained in his book Wealth of Nations, as Division of Labor Pin Factory Example Saves time by eliminating the need to switch between jobs Smith underlined the possibility that workers would become dissatisfied and/or ignorant because of repetition Smith stresses that assigning jobs that are best suited to workers strength The outcome should be productive labor which should be reinvested in the company

7. Conclusion Theory of work specialization is widely used in every aspect of production and even in the service industry Examples include Henry Fords assembly line, Organizational Structure Has a great influence on free, mixed and communist economic ideas Father of modern economics

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