Economics is Fun, Part 3: Specialization

[Chris]

Here we get into the value of specialization. Adam Smith's famous pin factory example is referred to. Another example is Leonard Read's I, Pencil (http://www.econlib.org/library/Essays/rdPncl1.html). Here's another in which the brewing of beer is used as example to explain How The Economy Works (http://www.capitalismmagazine.com/economics/6673-how-the-economy-works.html).


http://www.youtube.com/watch?v=EHeVfkpqowg&feature=related

[Conley]

I'm glad to see Part 3...this one is a classic! The haters are missing out.

I love when he busts out his kids' science fiction books:

http://madsen-pirie.com/the-things-that-i-do/childrens-science-fiction/

On topic, good material in the video and history of specialization & assembly.

[Peter1469]

This guy knows his stuff