IDEAS home Printed from https://ideas.repec.org/h/elg/eechap/18252_2.html
   My bibliography  Save this book chapter

The market division of labor

In: The Economics of Prosperity

Author

Listed:
  • .

Abstract

Voluntary exchange is socially productive opening the door to tremendous social benefits via the market division of labor. Production for exchange is more productive than direct-use production. The division of labor is specialization of production according to efficiency. It allows people and societies to be more productive and allows them to obtain more goods to satisfy more ends according to the Law of Association. These benefits are made possible by variety in people and nature and by economies of scale. The market division of labor builds society. It needs coordination by entrepreneurs using market prices to calculate profit and loss. Because benefiting from the market division of labor requires voluntary exchange and economic calculation, anything that hampers trade will restrict specialization according to efficiency. The division of labor, therefore, requires private property and sound money to flourish. The market division of labor is the economic foundation for society and civilization.

Suggested Citation

  • ., 2023. "The market division of labor," Chapters, in: The Economics of Prosperity, chapter 2, pages 34-58, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:18252_2
    as

    Download full text from publisher

    File URL: https://www.elgaronline.com/view/9781788117791.00007.xml
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Wang, Ziqi & Hou, Sizu, 2024. "Optimal participation of battery swapping stations in frequency regulation market considering uncertainty," Energy, Elsevier, vol. 302(C).

    More about this item

    Keywords

    Economics and Finance;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:elg:eechap:18252_2. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Darrel McCalla (email available below). General contact details of provider: http://www.e-elgar.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.