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Everyday Economics (14 videos)

A simple example of hamburgers being made at home versus at a restaurant can help explain the division of labor and development of specialized tools that is key to the prosperity seen in the modern world.

A simple example of hamburgers being made at home versus at a restaurant can help illuminate the explosion of prosperity since the Industrial Revolution. The story of the division of labor and development of specialized tools is not a new one — Adam Smith began The Wealth of Nations with this concept. Yet it still has tremendous explanatory power about the world we inhabit.

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