Specialize and Save

Don Boudreaux makes an interesting observation: there are an amazing number of specialized jobs. Indeed, just as Adam Smith observed, a greater division of labor has resulted in our incredible wealth. But there is a downside: as we individually rely more and more on specialized skills, our most developed skills become less applicable to other kinds of work. A highly skilled and well paid specialist can find himself on the job market as a potential trainee with only modest earning potential. There is no avoiding this, so the prudent person should salt something away in preparation for a possible future job as a trainee.

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