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Adam Smith said that the division of labor is the greatest force driving economic development.
According to the famous pin factory story...
If one craftsman can make 10 pins in a day, then if 10 craftsmen are gathered and a thorough division of labor is implemented, they can produce up to 48,000 pins.
To be honest, that was an exaggeration to emphasize the effects of division of labor.
‘It may be unrealistic to reach 48,000, but 3,000 should be doable.’
Even that would yield more than 30 times the efficiency compared to individual craftsmen making the pins.
In short, it …
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