Economics in One Lesson (Auburn 2010)

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The Division of Labor

Economics in One Lesson Seminar

Tags Austrian Economics Overview

11/20/2010Robert P. Murphy

Instead of each person doing all of the work creating what he needs and wants, dividing the labor amongst all of us into specialties is clearly superior by increasing the productivity of labor. Then people trade their surpluses with each other in the market economy. No trade barriers anywhere should be allowed to limit this division of labor.

Recorded at the Mises Institute on Friday, 19 November 2010. Sponsored by Anastasia Thiele.


Contact Robert P. Murphy

Robert P. Murphy is a Senior Fellow with the Mises Institute. He is the author of numerous books: Contra Krugman: Smashing the Errors of America's Most Famous Keynesian; Chaos Theory; Lessons for the Young Economist; Choice: Cooperation, Enterprise, and Human Action; The Politically Incorrect Guide to Capitalism; Understanding Bitcoin (with Silas Barta), among others. He is also host of The Bob Murphy Show.