Business administration

Adam Silver (1723-1798)

1723

Smith argues that free markets lead to increased productivity and societal benefit, while international trade allows nations to specialize and trade for goods efficiently. The Industrial Revolution accelerated this process by replacing manual labor with machines, increasing efficiency through specialization and division of labor, and enhancing organizational performance.

Frederick Taylor

1823

emphasizes systematic organization and administration, planning, and standardization. By increasing specialization and division of labor, productivity can be enhanced as each worker focuses on specific tasks. The text also highlights the importance of analyzing work processes, setting standards, providing workforce training, and establishing planning departments to optimize efficiency.