Work Archives

Adam Smith’s Labor Theory of Value: Everyone’s a Merchant

Could you live your life without ever buying something that someone else produces? What do you produce that others buy? In The Wealth of Nations, Adam Smith lays much of the groundwork for the field of economics. He makes the case for free markets, and he puts forward his theories on what markets exchange and how they’re able to facilitate this exchange. One of his theories is that labor is the basis of value. Let’s take a look at Adam Smith’s labor theory of value.

2 Factors That Influence the Cost of Labor (Adam Smith)

How are wages set? Why does geography affect the cost of labor more than the cost of goods? The natural price of a good changes in accordance with changes in any of the costs of production. In The Wealth of Nations, Adam Smith identifies labor as one of these costs. He discusses how supply and demand, as well as the living conditions of workers, influence the cost of labor. Continue reading to understand how the cost of labor operates in an economy.

The Importance of Trust in Relationships: Personal & Professional

What’s the importance of trust in relationships? How does trust encourage honesty and motivation? If your relationships at work or in your personal life need a little improvement, you likely need to build some trust. Trust goes a long way for someone, and it’s the key to keeping a relationship standing when something wants to tear it down. Below we’ll explore why trust is important in relationships, both in a professional and personal sense.

2 Vital Emotional Intelligence Skills to Use in the Workplace

What are the most important emotional intelligence skills in the workplace? Why is emotional intelligence important at work? According to the authors of The School of Life, there are two common issues in the workplace that can be best dealt with by using emotional intelligence skills. By learning these two skills, you can feel more emotionally secure and satisfied in the work you do. Read on to discover which two emotional intelligence skills will serve you best in the workplace, according to the authors.

How to Supercharge Your Productivity and Time Management

Do you want to improve your time management skills? How can you maximize your productivity per unit of time? Time management isn’t just about prioritizing what’s most important, but also about minimizing what isn’t important. Therefore, the key to effectively managing your time is knowing which tasks to minimize (or even eliminate altogether). Here’s how you can supercharge your productivity and time management game by eliminating tasks from your to-do list.

Why Is Multitasking Bad? It Hurts Productivity

Why is multitasking bad for productivity? How does multitasking diminish your capacity to be productive? While multitasking may make you feel busy, it actually eats away at your productivity. This is because multitasking requires frequent switching between different tasks, and switching is costly in terms of cognitive resources. Here’s how multitasking hurts your productivity, according to productivity expert Chris Bailey.

Chris Bailey: Productivity Isn’t the Same as Busyness

What exactly is productivity? What are some things you can do to become more meaningfully productive? According to productivity expert Chris Bailey, productivity isn’t just about trying to do more for the sake of doing more. Rather, productivity is the ability to identify and prioritize what matters most. In this article, we’ll explain Bailey’s definition of productivity and how it challenges a common misunderstanding about what it means to be productive.

How to Gather Information: Finding Gems Among the Rocks

How can you figure out whether certain information is relevant to the issue at hand? How do you know if an information source is credible? The first step to critical thinking is gathering information. To do this well, first, clarify your topic or question and its parameters. Then, assess the relevance of the information you find. Check it for reliability, bias, and fallacies. Continue reading to learn how to gather information to find real answers and solutions.

Managing Distractions: Tips From a Productivity Expert

Do you get distracted a lot? How do distractions hinder your performance? Getting distracted not only wastes your valuable time but also makes it more difficult to resume focus. Attention research has shown that employees focus on a project for 11 minutes before being interrupted, and on average it takes them 25 minutes to refocus. Here are some tips for managing distractions and preventing them from stealing your focus.

Managing Priorities: The Key to Being Productive

Do you struggle to manage your priorities? What are some criteria you can do to identify the most important tasks on your to-do list? Managing priorities is the key to being meaningfully productive. When you’re able to identify and tackle the highest priority tasks first, you’ll progress a lot faster. However, it’s not always easy to identify what is most important from your to-do list. Productivity expert Chris Bailey gives some tips on how to identify the most significant, highest-impact tasks.