Abstract
This paper provides an analysis of what may be seen as a generalized Smithian Theorem that the division of labor is limited by uncertainties, knowledge, and transaction/coordination costs (as well as the extent of the market). The interplay between knowledge and uncertainty on the one hand and progressive specialization on the other, and the implication of inter-occupational difference in human capital investments for the division of labor are further analyzed.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
