How Much Specialization? | Scott H Young

Without specialisation, we would not have computers, the internet, cars, antibiotics, or all the other more sophisticated things.

Specialisation creates wealth. The power of specialisation is related to the size of the economy. In a small village, there's only so much specialisation, such as a teacher. But in a global economy, there is an increased payoff for specialisation.

Specialisation means focusing on one area to the exclusion of everything else. It can be great when all is well but disastrous when it fails.

The tech industry is booming at present, but nothing lasts forever. A political change could stifle innovation. Economic centres could shift from the West. There's always a risk that a niche skillset can become obsolete.