Division of Labor

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Dictionary of Economics

Course (113 videos)

Division of Labor

This is "Division of Labor: Burgers and Ships" from our Everyday Economics course.

A simple example of hamburgers being made at home versus at a restaurant can help illuminate the explosion of prosperity since the Industrial Revolution. The story of the division of labor and development of specialized tools is not a new one — Adam Smith began The Wealth of Nations with this concept. Yet it still has tremendous explanatory power about the world we inhabit.

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