Sentence examples for pin maker from inspiring English sources

Consider Adam Smith's pin maker.

One pin maker working by himself could barely make one pin per day in the 18th century.

The pin maker, who enjoyed predictability up and down the value chain, was able to spend his time making pins.

Like the pin maker, each individual depended on the predictability of other employees with whom he or she had little contact.

And most members of such organizations could work with the same assurance that the pin maker had: Other people understood what they were supposed to do, would do it, and all would be rewarded for a job well done.

Membership in an organization gave the pin maker economic security, but think about the degree of predictability that his activities required: Coal and iron had to be mined, the iron had to be turned into steel, and the steel had to be delivered to his workplace.

Ten pin makers could manufacture 48,000 pins rather than just 10 pins per day.

But a group of pin makers working together, each specializing in one aspect of pin-making, could manufacture 4,800 times more pins per day.

He went to work with other pin makers because trying to earn a living by making and selling pins on his own would have been even riskier than hunting on his own.

In turn, milliners, who needed pins to fashion hats, were able to concentrate on their work without having to worry about what went on in the pin makers' workplace or in the steelworks.

Perhaps the most famous anecdote in the history of economic thought is Smith's discussion of the pin makers and the division of labor in "The Wealth of Nations".