Economics Dictionary of ArgumentsHome
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| Specialization: Specialization in economics refers to the focus on producing a limited range of goods or services to increase efficiency and productivity. By concentrating on specific tasks or industries, individuals, businesses, or countries can improve their expertise and output, benefiting from economies of scale and trade, which ultimately leads to greater overall economic efficiency. See also Production, Markets._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Adam Smith on Specialization - Dictionary of Arguments
Kiesling I 13 Specialization/Adam Smith/Kiesling: In the idea that transaction costs determine a firm’s boundaries, Coase built on Smith’s foundations. Smith grounded his economics in the division of labour, and the idea that by specializing in a task and working with others who are specialized in complementary tasks, people can be more productive, be wealthier, and create economic growth. Coase: In “The Nature of the Firm”(1) Coase takes this idea of specialization and asks where and how specialization occurs, and how specialization affects which functions are best accomplished within the firm and which are best accomplished through contracts in markets. Specialization and organization are two dimensions of the same question of how best to organize production. >Firms/Coase, >Transaction costs/Coase. 1. Coase, Ronald H. (1937). The Nature of the Firm. Economica 4, 16: 386-405._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
EconSmith I Adam Smith The Theory of Moral Sentiments London 2010 EconSmithV I Vernon L. Smith Rationality in Economics: Constructivist and Ecological Forms Cambridge 2009 Kiesling I L. Lynne Kiesling The Essential Ronald Coase Vancouver: Fraser Institute. 2021 |
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