Specialization and Surpluses

Colin Read

Chapter 3 in The Rise and Fall of an Economic Empire, 2010, pp 22-31 from Palgrave Macmillan

Abstract: Abstract Just as the advantages of markets cannot be denied or contained, humans in the pursuit of their own self-interest inevitably discovered the advantages of specialization. Our time and effort are perhaps the most precious resources of all, and each of us strives to use our endowed resources most efficiently to produce that which will best sustain us. We naturally gravitate to an economic system that best caters to our desire to use our endowed resources most efficiently.

Keywords: Assembly Line; Average Cost; Efficient Scale; Endowed Resource; Skilled Artisan (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-29707-4_4

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DOI: 10.1057/9780230297074_4

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