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 ...