The Renaissance Man of Financial Freedom

Henry Ford popularized the notion of specialization and consistency when he developed his assembly line production for the Model T. Instead of having to spend weeks or years teaching an individual how to make and produce an entire vehicle, an expert could train anyone in a week or so to do a very specific task in the production of a car. Thus, individuals only needed the knowledge of a very specific task and they could rely on others to make the other parts of a completed vehicle.

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Economists would argue that this specialization is actually quite useful. It can be efficient for a population to have individuals who are very good at specific tasks and then trade their goods or services for products developed by other specialists in their respective fields. Collectively, this leads to a greater range of products and superiorly crafted ones. For instance, someone who has spent six hours a day playing guitar for 25 years will probably be a bit more of an expert than my one hour a month dabbling. Continue reading The Renaissance Man of Financial Freedom