What might be the perils of over specialization
Answers:
Answer
Basically in the global economy, individual domestic economies as a result of reduced levels of domestic protection such as tarriffs are being forced into areas of comparative advantage or are becoming more 'specialised' in sectors of industry at which they for one reason or another are more competitive than average. For instance, China's high working age population and low labour costs have seen its economy become a manufacturing giant for the entire world. However, there are many "perils" or downfalls to this. With domestic economies worldwide becoming more integrated domestic economic management through macroeconomic policy becomes more difficult as the economy becomes subject to the economic conditions of trading partners, new businesses domestically find it harder to enter the market due to an inability to compete with transnational corporations as a result of their scale and domestic economies become more unstable as economic activity becomes a party to an international business cycle.
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Overspecialization is also known as "putting all your eggs in one basket."
The major peril is going out of business if whatever you sell loses its popularity.
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What type of overspecialization? economic, as covered in the previous answers, or individual? Personally, I believe we are losing a lot by creating a culture where you can't get a job unless you specialize in only one small area of knowledge. Serendipidy, the source of the greatest inventions, usually happens when someone sees an unexpected correlation between two totally different things or areas of knowledge. Specialists won't see that correlation because they only know one area. The greatest inventions were discovered by generalists, i.e. renaissance men. I will mention the inefficiency of an organization that specializes to the extent that the left hand doesn't know what the right hand is doing, and vice versa. Duplication of effort' and 'reinventing the wheel' covers it fairly well. An engineer once told me that "specialization is knowing more and more about less and less until you know everything about nothing, and generalization is knowing less and less about more and more until you know nothing about everything".
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