In this video, Professor Boudreaux explains how the specialization of knowledge helped his two-year old son overcome a life-threatening illness.
In this video, Professor Boudreaux explains how the specialization of knowledge helped his two-year old son overcome a life-threatening illness. The science of medicine has enjoyed significant progress since the 19th century thanks to the vast size of the market and demand for health care services. Despite his foresight, Adam Smith never could have imagined the degree of expertise held by some of today’s medical specialists.
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In a quest to augment trade companies in US and Europe outsource their production and service deliverables to countries like China and India. However, the products manufactured in China are notorious for their poor quality and because the country lacks the will to check corruption, almost all hi-tech state of the art products are cloned and sold on the streets and even exported. Moreover, since the cal center attendants do not know the local customs and mores, they end up antagonising the company's customers because even though one may fib the accent one can not fathom a whole culture sitting half a word away. Further, is it not cruel for the original employees whose jobs have been outsourced because they would lose their jobs? One might argue that they could learn new skills and get back onto the job market but what about the older guys for whom learning new skills could be very tough if not biologically impossible? In such an everyday situation, is specialisation to increase trade not detrimental to company's future in the long term and disruptive for the marginalised section?