History of Efficiency

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History of Efficiency
Marten van der Zee, Student (University), Netherlands, Premium Member
The principles of efficiency date back to 1776, when Adam Smith wrote his influential book 'An inquiry into the nature and causes of the wealth of nations'. In this book, Smith writes that productive labor is the source of welfare and that through division of labor, the labor productivity can be significantly increased. After this book, business was approached and dealt with in a more systematic way and the focus was put on efficiency.
 

     
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