<p>The division of labor as the central requirement of a high and rising output per capita; its advantages and alleged shortcomings. Dependence of the division of labor on the economic institutions of capitalism, especially the price system. Prices, economic planning, and economic coordination.</p>
<p>READINGS</p>
<ul>
 <li>Reisman: Chapter 4; Chapter 5, Part A; Chapter 8</li>
 <li>von Mises, Human Action: pp. 143-176</li>
</ul>

The division of labor as the central requirement of a high and rising output per capita; its advantages and alleged shortcomings. Dependence of the division of labor on the economic institutions of capitalism, especially the price system. Prices, economic planning, and economic coordination. READINGS Reisman: Chapter 4; Chapter 5, Part A; Chapter 8 von Mises, Human Action: pp. 143-176

4. Capitalism Microeconomics: Division of labor

George Reisman, Ph.D., is Pepperdine University Professor Emeritus of Economics, and the author of Capitalism: A Treatise on Economics.

The Capitalist Professor is a podcast featuring his university lectures on the economics of capitalism.

His website is www.capitalism.net. Follow him on Twitter @GGReisman. His blog is georgereismansblog.blogspot.com.

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George Reisman, Ph.D., is Pepperdine University Professor Emeritus of Economics, and the author of Capitalism: A Treatise on Economics. The Capitalist Professor is a podcast featuring his university lectures on the economics of capitalism. His website is www.capitalism.net. Follow him on Twitter @GGReisman. His blog is georgereismansblog.blogspot.com.

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4. Capitalism Microeconomics: Division of labor

4. Capitalism Microeconomics: Division of labor