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2min chapter
William Bernstein on the History of Trade
EconTalk
Understanding Comparative Advantage Through Practical Illustration
This chapter explores the principle of comparative advantage through the example of an attorney skilled in both law and woodworking. It highlights how economic reasoning can guide decision-making, showing that sometimes it is more beneficial to focus on one's primary expertise rather than pursuing personal passions.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode