Economics Dialogues

About: Wikipedia on Division of Labor

This series is to provide some dialog & education on some of the primary distinctions within macro economics. The first one will be on the following principle:

DIVISION OF LABOR IS GOOD FOR THE OVERALL ECONOMY

Wikipedia: ...

Division of labour or specialization is the specialization of cooperative labour in specific, circumscribed tasks and roles, intended to increase the productivity of labour. Historically the growth of a more and more complex division of labour is closely associated with the growth of total output and trade, the rise of capitalism, and of the complexity of industrialization processes. Later, the division of labour reached the level of a scientifically-based management practice with the time and motion studies associated with Taylorism. Basically, it's a working society that does many different jobs. Example: A few people do farming, a few people do pottery, and a few people are blacksmiths. The society works together to make the city wealthier.

... We debated in econ-101 the notion that a tailor who makes his own coat versus a tailor who pays someone else to make one example. A general concensus held that even though he might be the best tailor in the world that he adds to the overall economy by making more coats & selling them than consuming his own product. The other also benefits from the sale back to the tailor.

[IS SUPPORTED BY: item 12088] *** [IS DISPUTED BY: item 12089]

Needless to say segments containing ad hominem attacks, RWG material & the like will be removed by the editor. Note that the group threefold society is an open group whose password is threefold.

Economics Dialogues

About: Wikipedia on Division of Labor

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