In 1776, Adam Smith wrote his masterpiece – the Wealth of Nations. He followed up with other works, explaining productivity and the power of the “invisible hand”. Free market systems advance economies, by making products better, through healthy competitions. Indeed, the freedom of production and consumption, under market forces, accelerates innovation which improves societies.
Factors of production are the pillars upon which the market system operates. And in those factors, Labour remains extremely catalytic. The nature and the form of labour are evolving as a result of technology systems which continue to redesign the interdependent relationships that connect people, firms and nations.
In the industrial age economy, Labour was mainly in the meatspace (physical and atoms). Today, a new paradigm has emerged. Yes, Labour has added remote (digital and byte). Join me on Sept 10 2022 as I keynote African Freelancers’ Summit 2022.
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You will understand the changes. Many young men and women are living in Lagos but they work in Estonia, America, Canada, etc daily. As companies follow Adam Smith’s division of labour thesis, they are going remote, and Africa is positioned for that future. The LABOUR of the future would be unbounded and unconstrained by geography; plan for it. Two Saturdays ago, I keynoted 4 events on the same day, covering 3 continents. Is that not efficient? Adam Smith would have said “it is”.
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