Wealth of Nations Harvard Case Solution & Analysis


The recording system shows how the past record of the transaction has been recorded and how these transactions are executed.Transactions generate the paper trail receipt of the voucher, contracts and these can be used to verify the subsequent settlement of the transaction among the parties without any dispute. The large scale economies used the proper recording system of transactions to stay away from the disputes as the population increases and the number of transactions and economies are more complex as compared to past years, therefore the recording of thetransactions is more important in the recent than the previous decades.

The initial hypothesis is the emerging record keeping of the society as there is an expansion in the increase in the size of the economy. Later on, record keeping is also necessary for the economy for extensive use of private exchange. Record keeping is as early as the expansion of the economies that use change, the record is kept with different label that is internal records and external records. Reliability solely on the human being brain is some time dangerous, because the human brain has a great exchange of other parameters, social activities and other interactions, thus human brain can analyze the opportunities more effectively and efficiently than any other source of medium for search of opportunity which helps to improve the resource acquisition and survival. Records kept outside the brain also has positive use that is external brain storage has more reliability and can store more information as compared to the human brain and can be better evaluated using the data stored in external brain source.Therefore, sole reliance on the human brain record is societal expansion beyond the new group size.

The second hypothesis shows that how the essential records are kept in the market data to expand and larger number impersonal exchange of transactions with external records and human families, because many transactions are indirectly granted to the children’s from their beloved parents and from lower management to upper management. The family societies are an immediate group through the gift exchange with neighboring societies and through formal gift exchange. Therefore, as the economy grows and population increases the network of transaction increases and the economic interference occur more with the closely related members. Record keeping is the very important towards the market exchange, it is analyzed that the economies without proper record system, or dealing with the stranger, market personalusethe negative impersonal exchange to deal with the stranger, therefore the second basis of hypothesis is foe those societies that are more complex and more extensive in record systems.

The third hypothesis based on the estimation that the labor division of the economy specializes in their work, hired labor is very skilled and efficient in their work.Economies have so many advantagesof the labor division of the country because this is the human effort towards the improvement of the economy. There is a positive correlation between the labor division of the economy and the record keeping system of the economy, because market of the country is away from the deterioration therefore, a key source of the expanding and boasting economies, and it is predicted that the record keeping economies develop more as compared to the non-record keeping economies, they are still underdeveloped.

Record keeping in the first hypothesisbecomes established, when the group size reaches at its maximum size, as the record keeping emerges quicker than the economic institution grows. Hypothesis test of the record keeping require the group size, which shows the total population in the network and the non-network population.  The proxy for the standard cross cultural sample (SCCS) is the community size, which is similar tothe entire standard cross cultural sample (SCCS). Community size indicates the net size of the network group, which is the typical community. The outside community network link with the individuals is referred to as imperfect proxy. Community size considers the eight different categories, the lowest one with the community size of the 50 persons and highest one is of more than 50,000 populations.The record kept score I done with the level of the community size, where the size of the community is proportional to the frequency of the community.

The coordination between the record keeping of the economies and community size is directly proportional and nonlinear, if the community size meets the benchmark more than two hundred people, this relation is very reliable as compared to other related and possibly result differ from zero. Inspection indicates that the almost standard cross cultural standard (SCCS) societies, which are lower community size communities, contain less than the two hundred peoples, and mostly are typical societies. Some of the typical societies have record system, but it in written language...............................

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