By Edmond Conway
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Extra resources for 50 Economics Ideas
If your pipes spout a leak at home, you could decide to fix the problem yourself, having worked out that even after you’ve paid for the tools, the book on plumbing and so forth you will still save a considerable sum compared with calling out a professional. However, the extra invisible cost is those things you might have done with the time spent undertaking the repair – not to mention the fact that a plumber would probably do a better job. Such an idea is closely tied in with the theory of comparative advantage (see Comparative advantage).
The open secret about economics is that, in reality, prices are rarely ever at their equilibrium. The price of roses rises and falls throughout the year: as summer turns to winter and supermarkets and florists have to source them from further abroad, the supply of roses drops and the price increases. Similarly, in the run-up to 14 February prices leap because of the demand for Valentine’s Day flowers. Economists term this ‘seasonality’ or ‘noise’. Some, however, try to look beyond it to work out the equilibrium price.
It was already well established in Greek times; it was in place in factories around the country in Adam Smith’s day, but it took until the early 20th century for it to meet its culmination in the shape of Henry Ford and his Model-T car. Division of labour is what helped drive the first Industrial Revolution, enabling countries around the world to improve their productivity and wealth dramatically. It is the production method behind almost every manufactured object you care to think of. Division on a big scale Dividing up labour makes sense, whether on a small or large scale.