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In the Stars: Lateral Thinking to Understand Markets

In: Trading Thalesians

Author

Listed:
  • Saeed Amen

    (Thalesians)

Abstract

As civilizations have progressed, specialization has prospered. At first we were hunter-gatherers. Then we began to farm the land as agriculture took hold. Later other industries grew, and with this further specialization was undertaken. The idea was that a specialist could be more efficient than a jack of all trades. Indeed, this is the idea behind the efficiency of a production line, something we mentioned in Chapter 3 in the context of decathletes and athletes specializing in specific events. Adam Smith (1776) gives an example related to the manufacture of pins. A quotation from this is on the back of the £20 note: The division of labor in pin manufacturing and the great increase in the quantity of work that results In modern times, knowledge has evolved to such an extent that it has accelerated the process of specialization. In the ancient world, the relative simplicity of life meant that it was possible to be accomplished at many disciplines, perhaps in a way that might be difficult today, as specialization had not yet evolved to such a lofty degree.

Suggested Citation

  • Saeed Amen, 2014. "In the Stars: Lateral Thinking to Understand Markets," Palgrave Macmillan Books, in: Trading Thalesians, chapter 7, pages 130-145, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-39953-3_7
    DOI: 10.1057/9781137399533_7
    as

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