Understanding Capitalism: Production and the Division of Labor
On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan discuss the division of labor before introducing Dr. Charles N. Steele.
Capitalism rewards man with profit or punishes him with loss, depending on the merit of his actions. It expresses the freedom and rationality of human nature in an economic system. The capitalist system depends upon private property rights, the freedom of exchange and contract, sound money, and the rule of law that supports all of these through formal and informal structures. Such a system encourages innovation and morality along with economic prosperity.
Economic production refers to the production of value. As human innovation creates new forms of value, a division of labor emerges to meet the demand for these new goods and services.
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