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Area of Specialization in Economics

[Summary]Specialization A method of production where a business or area focuses on the production of a limited scope of products or services in order to gain greater degrees of productive efficiency within the entire system of businesses or areas. Many countr

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Specialization

Area of Specialization in Economics

A method of production where a business or area focuses on the production of a limited scope of products or services in order to gain greater degrees of productive efficiency within the entire system of businesses or areas. Many countries specialize in producing the goods and services that are native to their part of the world.

Adam Smith and the Division of Labor

Area of Specialization in Economics
he main focus of Adam Smith's The Wealth of Nations lies in the concept of economic growth. Growth, according to Smith, is rooted in the increasing division of labor. This idea relates primarily to the specialization of the labor force, essentially the breaking down of large jobs into many tiny components. Under this regime each worker becomes an expert in one isolated area of production, thus increasing his efficiency. The fact that laborers do not have to switch tasks during the day further saves time and money. Of course, this is exactly what allowed Victorian factories to grow throughout the nineteenth century. Assembly line technology made it necessary for a worker to focus his or her attention on one small part of the production process. Surprisingly, Smith recognized the potential problems of this development. He pointed out that forcing individuals to perform mundane and repetitious tasks would lead to an ignorant, dissatisfied work force. For this reason he advanced the revolutionary belief that governments had an obligation to provide education to workers. This sprung from the hope that education could combat the deleterious effects of factory life. Division of labor also implies assigning each worker to the job that suits him best. Productive labor, to Smith, fulfills two important requirements. First, it must "lead to the production of tangible objects." Second, labor must "create a surplus" which can be reinvested into production.

Areas of Study in Economics | Economics Department at Brown University

Applied Microeconomics

The use of data and econometric methods to test microeconomic theory, in the context of developed economies (see Development for work in developing countries). Applied micro is an umbrella term that includes labor, urban, education, industrial organization, public, health, and environmental economics.

Economics

Classification

History of economics

Economic history (academic study)

Schools of economics

Microeconomics

Macroeconomics

Methodology

Heterodox economics

JEL classification codes

Econometrics

Economic growth

Economic system

Experimental economics

Mathematical economics

Game theory

Post-scarcity

National accounting

Agricultural

Guide to Concentrations in the Field of Economics | Department of Economics

The concentrations in Economics are listed below in alphabetical order. After each concentration, there is a list of courses that students often take for that concentration. There is one extremely important caveat: the exact courses required to meet a particular concentration are determined by a student’s special committee and not by the field or DGS. Any member of the special committee may require additional or different courses as a condition of representing a particular concentration on a committee. This is why you cannot pick concentration courses independently from the selection of a special committee. That said, taking courses in your intended concentrations is one time-tested way of selecting special committee members. New concentrations under consideration by the field are listed next. Finally there is an incomplete list of concentrations in other fields that have been historically part of some Economics committees as minor concentrations.

Specializations in MBA | IIM Bangalore

To focus on new and emerging areas of research and education, Centres of Excellence have been established within the Institute. These ‘virtual' centres draw on resources from its stakeholders, and interact with them to enhance core competencies

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Top 10 MBA Specializations: Choices and options

Area of Specialization in Economics

Master of Business Administration (MBA) is typically a 2 year programme that aims at making a candidate proficient in all the subjects of management and an expert in one particular specialization. This article is aimed at highlighting the features of top 10 MBA specializations that are offered to the students in their MBA colleges.

Why Free-market Economics Is a Fraud

If there's one thing everyone in America knows, it's that free-market economics is true and free markets are best. After all, we're not Communists, are ...

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