The Wealth of Nations

What is the organization innovation of the pin factory and what, according to smith, is it sigificance for socity?

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The pin factory illustrates the division of labor. The division of labor is a self-reinforcing phenomenon that spreads opulence to even the most poor. Because it enjoys such tremendous efficiencies, the division of labor produces a surplus that gives a greater amount of people access to products that would otherwise be unaffordable.

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