Comparative advantage can cut a to do list by less by trading a product you are efficient at performing because producing the other product takes longer and has a higher opportunity cost.
I think using this economic principle is intuitive. Again, it is the notion that countries should focus on specific products for export and import the rest, even if they can make those things better or faster.
If we apply this to our to-do lists, more work will get done if we focus on what we do more efficiently, and then delegate the rest. This last part, I think, may be difficult to apply in practice.
Comparative advantage can cut a to do list by less by trading a product you are efficient at performing because producing the other product takes longer and has a higher opportunity cost.
ReplyDeleteI think using this economic principle is intuitive. Again, it is the notion that countries should focus on specific products for export and import the rest, even if they can make those things better or faster.
ReplyDeleteIf we apply this to our to-do lists, more work will get done if we focus on what we do more efficiently, and then delegate the rest. This last part, I think, may be difficult to apply in practice.