... : A HISTORICAL PERSPECTIVE What do a pin factory in Scotland, cotton mills in Manchester and footwear manufacturers in Italy have in common? Adam Smith (1723-1790), the father of classical economic theory, studied factors of production in his ten-man pin factory in Scotland, and extrapolated on a national scale to lay the foundations of economics around the notions of specialization ... governments (e.g. infrastructure), or firms (e.g. technology). Factors are either generalized (in that they benefit any industry) or specialized (in that they benefit a particular industry). (Porter, 1990...

• Word Count: 4507
• Approx Pages: 18
• Has Bibliography
• Grade Level: Undergraduate