Smash Notes
Why Does It Make Sense to Specialize in a Particular Skill
at 39:33
Answer
Before the existence of markets for goods and services, people had to learn various skills for themselves just to be able to do those things.
Now that we can trade in anything, it makes more economic sense to specialize, so you could trade your specialty with someone else's.
Where this answer comes from
- Show
- EconTalk
- Episode
- Economics of Trade and Specialization
- Date
People
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