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Secrets of Wealth
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The division of labor enhances the skills, proficiency, and judgment applied to various tasks, greatly increasing productivity. This concept is well illustrated in industries like pin manufacturing. Here, the work is divided into specialized tasks such as drawing, straightening, cutting, sharpening, polishing, and assembling, each assigned to different workers. This specialization allows a small number of people to produce thousands of pins per day—something impossible without such division. While this principle is widely applicable across various crafts and manufacturing, not all industries can be subdivided to the same extent. In advanced societies, individuals tend to specialize in specific roles, whereas in less developed societies, one person may perform multiple tasks. Such specialization increases efficiency, especially in manufacturing, where division of labor is more pronounced than in agriculture. Wealthy nations excel in both agriculture and manufacturing, but their superiority is more evident in industries with extensive division of labor. Agricultural productivity is limited by seasonal work, which affects the market prices of commodities such as grain. Poorer nations may compete in agriculture but struggle to match the quality and cost of manufactured goods from wealthier countries...