Examlex
The event that marked the formal beginning of psychology as a separate experimental science occurred when William James taught the first course in psychology at Harvard University in the early 1870s.
Pin Factory
A classic example used by Adam Smith to describe the benefits of specialization and division of labor.
The Wealth of Nations
A seminal book by Adam Smith that lays the foundations of classical economics and discusses the division of labor, productivity, and free markets.
Adam Smith
An 18th-century Scottish economist and philosopher, often considered the father of modern economics, best known for his work "The Wealth of Nations."
Specialization
The process by which individuals, businesses, or economies focus on producing a limited range of goods or services to gain efficiencies.
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