4:15 PM
@Feeds this video has one of my favorite economic concepts that I want to push a bit further
he was talking about pencils and paper. Person A can make Pencil in 30 minutes and Paper in 60 minutes, while B can make a Pen in 60 minutes and a Paper in 30 minutes
by trading a pen for a pencil, they both save 30 minutes
however, this can get even more extreme
let's say that Person B is really slow, and can only make a Pen in 4 hours and Paper in 2 hours
still, by trading, I've saved time. Person A makes 2 pencils in 60 minutes, and Person B makes 2 papers in 4 hours
they trade, and both save time
even though Person A is strictly better at both tasks, they both save time because the ratios are different