EconPop is out with a new video entitled ‘The Economics of Cast Away.” This video looks at how society is more productive when professionals specialize in certain goods, services and skills instead of generalizing. The economy is more efficient and we, as consumers, benefit from better food, better clothing, better furniture and so on. No one has to be entirely self-reliant, a specialized economy allows people to follow their dreams of becoming writers and goods are cheaper.
Host Andrew Heaton cites the famous video “I, Pencil,” which essentially states that something as simple as a pencil can’t be entirely developed by a single person, but it takes a plethora of people, businesses and industries to create it.
In other words, life would be incredibly difficult if we did everything ourselves. Everything!
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