Specialization and trade are the key to high living standards. By specializing, people can become highly productive in a very narrow field of expertise. People can then trade their specialized goods for others’ products, vastly increasing the range and quality of consumption and having the potential to raise everyone’s living standards.

More quotes by Paul Samuelson

Samuelson's Economics at Fifty: Remarks on the Occasion of the Anniversary of Publication (1998)

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