Specialization in Perspective

Specialization is a method of production in which each person concentrates on a limited number of activities. The gains from specialization, whether they arise from developing expertise, minimizing downtime, or exploiting comparative advantage, can explain many features of our economy. For example, college students need to select a major and then, upon graduating, to decide on a specific career. Those who follow this path are rewarded with higher incomes than those who dally. This is an encouragement to specialize.