Skip to content. | Skip to navigation

Personal tools
Sections

Commentaries on this Media!

CSE 1.4 Learn Liberty- Specialization and trade

by Joe Calhoun

How can one person mow his lawn, build a fence, and install a faucet, all at the same time? If you do one activity really well, you can specialize in that activity then trade for other goods/services. Art Carden explains that he is good at teaching, writing, speaking, and making Learn Liberty videos. He is able to take the money he earns from this to then pay others who are better at mowing lawns, building fences, and installing faucets. Both people trading are better off, even if one of the trading partners is absolutely better at all of the activities than his/her trading partner. This is because each person has a comparative advantage. So, one can mow a lawn, build a fence, and install a faucet all at the same time via specialization and trade.

CSE 1.4 Learn Liberty- Specialization and trade

Art Carden explains how a person can essentially mow a lawn, build a fence, and install a faucet all at the same time, through specialization and trade.

from Specialization and trade (2013)
Creator: Art Carden/LearnLiberty.org
Posted by Joe Calhoun
Keywords
Options