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adam smith-management pioneer

Management as Science was developed in the early 20th century and focused on increasing productivity and efficiency through standardisation, division of labour, centralisation and hierarchy.

Adam Smith was the first person to identify specialization and the division of labor as the main drivers of productivity.He also conceptualized the ‘invisible hand principle’ which explains how, under the proper set of incentives, self-interested individuals are directed to pursue activities that benefit the whole of society. Both ideas are of utmost importance in the field of management.