Source: Ludwig von Mises Institute
by Mark Thornton
“Labor divided into the production of different goods or even into various tasks involved in the production of a single good is one of the earliest observations on the nature of human civilization. From a scientific point of view, civilization or society is the division of labor. Unfortunately, opinion down through time mistakenly considers it a mixed blessing, indicating that it is a great force for both good and evil. This common opinion falters largely on the basis of observation, measurement, and personal bias, absent economic law. The prevailing fallacies can only be eradicated with the theoretical perspective provided by the Austrian School of economics and its predecessors. Unfortunately, Adam Smith’s central importance on this topic and his basic mistakes continue to have an unhealthy impact on the economics profession and social ideology more generally.” (02/03/26)
https://mises.org/mises-wire/adam-smith-misunderstood-origins-division-labor