id author title date pages extension mime words sentences flesch summary cache txt en-wikipedia-org-5139 Economics - Wikipedia .html text/html 19634 2547 57 Smith discusses potential benefits of specialization by division of labour, including increased labour productivity and gains from trade, whether between town and country or across countries.[39] His "theorem" that "the division of labor is limited by the extent of the market" has been described as the "core of a theory of the functions of firm and industry" and a "fundamental principle of economic organization."[40] To Smith has also been ascribed "the most important substantive proposition in all of economics" and foundation of resource-allocation theory – that, under competition, resource owners (of labour, land, and capital) seek their most profitable uses, resulting in an equal rate of return for all uses in equilibrium (adjusted for apparent differences arising from such factors as training and unemployment).[41] ./cache/en-wikipedia-org-5139.html ./txt/en-wikipedia-org-5139.txt