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Economic Laws I: The Division of Labour

2010-03-26 4 comments

There’s probably not one concept in economics that’s credited more with being the underpinning of society as the division of labour. By which is meant a process whereby two agents, each producing one thing, together produce more if they specialise than if both had produced each of both goods on their own.

Let’s make up an example: Read more…

Categories: Economic Laws, Economics, Trade
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