The Wealth of Nations came about at the beginning of the industrial revolution. Despite his focus on the Pin Factory, Smith wrote very little about the inventions that were taking place. Many economic historians figure Smith didn’t grasp the consequences of industrialization. However, Smith gave the next generation of economists a head start in understanding the effects of this revolution with his analysis of the Pin Factory.
C for Tom. This reads like you only read the first paragraph of this section.
ReplyDeleteWhat was the industrial revolution? Got a link?
What were some of the inventions being made at that time? Got links?
What is it about the pin factory metaphor that might help us understand the industrial revolution (I know that it isn't stated in this section, but you can speculate).