Adam Smith's principle that the division of labor is limited by the extent of the market explains specialization: a small-town carpenter must be a generalist to fill his time, but in 18th-century London the same worker could specialize (e.g., become a cooper); larger markets and trade enable more specialization, including specialized aesthetics.
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Virginia PostrelEvidence Quote
“the division of labor is limited by the extent of the market. As the extent of the market grows you get more specialization”
Created: 6/17/2026, 10:31:39 AM
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