How the Division of Knowledge Saved My Son's Life
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0:00 - 0:03♪ [music] ♪
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0:11 - 0:12- [Don] In our last video,
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0:12 - 0:15we covered how
specialization in our work -
0:15 - 0:17allows us as an economy
to produce more, -
0:18 - 0:21but each of us also specializes
in how we use our minds. -
0:21 - 0:23There's much to know,
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0:23 - 0:25and each of our brains
has a very limited capacity -
0:25 - 0:27to store and process knowledge.
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0:27 - 0:30So it makes sense to divide
the tasks of processing knowledge -
0:30 - 0:32across many different brains.
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0:32 - 0:35We then trade the products
of our knowledge. -
0:35 - 0:37Take medicine as an example.
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0:37 - 0:39Science-based medicine
took off in the 19th century, -
0:39 - 0:43springing from advances in biology,
physics, chemistry, and math, -
0:43 - 0:45as well as from Darwin's
theory of evolution. -
0:45 - 0:48Early specialties
included dermatology, -
0:48 - 0:49gynecology, and pediatrics.
-
0:49 - 0:51This branching continues
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0:51 - 0:53with more recent specialties,
like pediatric hematology, -
0:53 - 0:57and female pelvic
reconstructive surgery. -
0:57 - 0:59In fact, this specialization
has played an important role -
0:59 - 1:01in my own life.
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1:01 - 1:02When my son Thomas
was two years old, -
1:02 - 1:06he contracted
a very serious digestive ailment. -
1:06 - 1:07We took him to his pediatrician.
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1:07 - 1:10The pediatrician
couldn't diagnose it. -
1:10 - 1:12He eventually wound up
losing 20% of his body weight. -
1:12 - 1:14Poor kid was really skinny.
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1:14 - 1:16He spent a month in the hospital.
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1:16 - 1:17Eventually, it took a specialist --
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1:17 - 1:20a pediatric gastroenterologist.
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1:20 - 1:22Doctor Howard Boswick is his name.
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1:22 - 1:25He wasn't just a pediatrician,
he wasn't just a gastroenterologist, -
1:25 - 1:27he was someone
who specialized in studying -
1:27 - 1:30the digestive ailments
of young children, -
1:30 - 1:32and he applied
that specialized knowledge -
1:32 - 1:35to the task of saving my son's life.
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1:35 - 1:36And it worked.
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1:36 - 1:41So today my son Thomas
is 17, he's healthy, thriving, -
1:41 - 1:43but he's alive
only because, I'm convinced, -
1:43 - 1:45of this incredible
specialization of knowledge -
1:45 - 1:48that we were able
to take advantage of. -
1:48 - 1:50If you could choose
what illness to get, -
1:50 - 1:53would you choose a rare disease
or a common one? -
1:53 - 1:56Assuming the diseases
are of similar severity -
1:56 - 1:58you surely want the common one.
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1:58 - 1:59Having a common illness
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1:59 - 2:02means that there is likely
enough demand for treatment -
2:02 - 2:04that someone will specialize
in treating it. -
2:04 - 2:07A similar principle
was at play with my son. -
2:07 - 2:09Doctor Bostwick could specialize
-
2:09 - 2:11because of the huge number
of people who live in New York -
2:11 - 2:14or who can travel there
for treatment. -
2:14 - 2:17It's only because of trade
that this specialization occurs. -
2:17 - 2:18The bigger the market,
-
2:18 - 2:20the more potential patients
there are for suppliers -
2:20 - 2:23of highly specialized
medical services. -
2:23 - 2:25If Doctor Bostwick
lived in a small town -
2:25 - 2:27he wouldn't be able
to make a living -
2:27 - 2:29as a pediatric gastroenterologist.
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2:29 - 2:31He'd have to be
a general practitioner. -
2:31 - 2:34In a world without
specialized doctors -
2:34 - 2:36my son might not be alive today.
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2:36 - 2:40As Adam Smith said,
the size of the market matters. -
2:40 - 2:42The greater the number
of potential trading partners, -
2:42 - 2:45the more each of us can specialize.
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2:45 - 2:47In a vast market,
such as the United States, -
2:47 - 2:50almost all our exchange
is done with highly skilled, -
2:50 - 2:54highly specialized, and hence,
highly productive partners. -
2:54 - 2:57Specialization exists
everywhere you look: -
2:57 - 3:00organic chicken farmers,
Bikram yoga teachers, -
3:00 - 3:03Android app developers,
political speechwriters, -
3:03 - 3:04corporate speechwriters,
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3:04 - 3:07Asian fusion chefs, ice sculptors,
-
3:07 - 3:10and modelers of recursive
dynamic linear economies. -
3:10 - 3:12I could go on
practically without end, -
3:12 - 3:14but you get the point.
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3:14 - 3:16Every one of us reaps
great benefits -
3:16 - 3:18from trading
with other specialized minds. -
3:18 - 3:20This division of knowledge
-
3:20 - 3:22leads not only
to higher productivity -
3:22 - 3:24at producing
existing goods and services, -
3:24 - 3:26but it also spurs innovation.
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3:27 - 3:30In our next video, we'll sum up
some of what we've learned -
3:30 - 3:32and talk about
the beauty of cooperation -
3:32 - 3:34and comparative advantage.
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3:34 - 3:36Here's the current
leader board of questions -
3:36 - 3:38submitted from our viewers.
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3:38 - 3:40♪ [music] ♪
- Title:
- How the Division of Knowledge Saved My Son's Life
- Description:
-
In this video, Professor Boudreaux explains how the specialization of knowledge helped his two-year old son overcome a life-threatening illness. The science of medicine has enjoyed significant progress since the 19th century thanks to the vast size of the market and demand for health care services. Despite his foresight, Adam Smith never could have imagined the degree of expertise held by some of today's medical specialists.
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http://feedback.mruniversity.com/forums/256061-everyday-economics-boudreaux-on-trade-and-prospeAsk a question about the video:
http://mruniversity.com/courses/everyday-economics/division-knowledge-medicine-specialities/#QandANext video:
http://mruniversity.com/courses/everyday-economics/comparative-advantage-and-tragedy-tasmania - Video Language:
- English
- Team:
- Marginal Revolution University
- Project:
- Everyday
- Duration:
- 04:04
Theresa Ranft edited English subtitles for How the Division of Knowledge Saved My Son's Life | ||
Theresa Ranft edited English subtitles for How the Division of Knowledge Saved My Son's Life | ||
Theresa Ranft edited English subtitles for How the Division of Knowledge Saved My Son's Life | ||
Theresa Ranft edited English subtitles for How the Division of Knowledge Saved My Son's Life | ||
Theresa Ranft edited English subtitles for How the Division of Knowledge Saved My Son's Life | ||
Theresa Ranft edited English subtitles for How the Division of Knowledge Saved My Son's Life | ||
Theresa Ranft edited English subtitles for How the Division of Knowledge Saved My Son's Life | ||
MRUniversity edited English subtitles for How the Division of Knowledge Saved My Son's Life |