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.

The Division of Labor | Robert P. Murphy

Robert P. Murphy is a Senior Fellow with the Mises Institute. He is the author of many books. His latest is Contra Krugman: Smashing the Errors of America's Most Famous KeynesianHis other works include Chaos Theory, Lessons for the Young Economist, and Choice: Cooperation, Enterprise, and Human Action (Independent Institute, 2015) which is a modern distillation of the essentials of Mises's thought for the layperson. Murphy is co-host, with Tom Woods, of the popular podcast Contra Krugman, which is a weekly refutation of Paul Krugman's New York Times column. He is also host of The Bob Murphy Show.

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