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Specialization Insights
The discussion highlights the profound implications of specialization and economies of scale, tracing their roots back to Adam's insights. Ed emphasizes the importance of keeping human capital actively engaged to maximize productivity, illustrating how the factory system revolutionized labor efficiency. The conversation also touches on the evolution of specialized professions, showcasing how market dynamics have transformed roles to prevent valuable knowledge from sitting idle.In this clip
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EconTalk
Ed Leamer on Outsourcing and Globalization
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