Business In A Highly Specialized Economy

Our economy is highly specialized, with trade enabling us to consumer many products that we do not make. Business leaders should understand the extreme specialization of the modern economy, a point made by Arnold Kling in his new book, Specialization and Trade: A Re-Introduction to Economics, which I reviewed recently. In this article I describe some implications of Kling’s analysis that will be useful for people in the for-profit world, both corporate and small business.