Friday, April 30, 2010

Everyone Works for Everybody

Here is a very good video that shows how the modern economy offers more diversity and more "wealth" due to exchange and specialization.

Some will call it simplistic, but the idea is correct. Because of the power of specialization and the division of labor that is possible with the modern marketplace, we have more choice and most of us enjoy better living standards than the wealthy of even a century ago. And, a great many people are involved in making those standards possible. And those same people benefit by providing us our wants and needs through the exchanges we make for their goods and services.


Lisa Perfors said...

Of course one can always argue that perhaps the quality of food from personal chefs is far better than the prepared frozen meals we find in the supermarket.

Tim Schilling said...

I'm not sure I would trade food prepared by personal chefs in the time of King Louis to frozen food from the supermarket. I suspect we still have greater variety, and as for the quality, I think the sanitation and inspection standards of today beat out those of the past - even on a bad day.

Megan M. Orama said...

I would have to agree with Tim S. Food prepared by personal chefs is far better than frozen food. The sanitation has gotten better, and hopefully that continues on.