Questions tagged [division-of-labor]
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Can game theory be used to predict economic specialization (division of labor)?
There is a hint of a connection to game theory in Adam Smith's Wealth of Nations. For example, he says:
It is not from the benevolence of the butcher, the brewer, or the
baker that we expect our ...
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Why division of labor or specialization boosts productivity
The three reasons given by Adam Smith were:
Increased dexterity.
Saving of the time which is commonly lost in passing from one species of work to another.
The invention of a great number of machines ...