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HRM and National Economic Performance
HRM and national economic performance
Introduction

The management of labour has been recognised as a crucial determinant of national economic performance for as long as national economic performance has been analysed. The first analysis of the relative wealth of nations identified the division of labour as being fundamental to labour productivity and hence to the economic prosperity of the firm in question and of the economy in aggregate (Smith, 1776). Adam Smith's Wealth of Nations was presented as five ‘Books’, and the title of the first one opens with ‘Of the Causes of Improvement in the Productive Powers of Labour …’. Chapter One is ‘Of the Division of Labour’. The opening sentence of the Wealth of Nations is: ‘The greatest improvement in ...

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