If you use the law of comparative advantage to your advantage, it will be easier for you to get along with your co-workers. This law is also very useful to entrepreneurs, especially those who are starting their business.
What is the Law of Comparative Advantage?
A good definition of the Law of Comparative Advantage is given by the Brown Consultancy website. This website explains the law this way:
"Even if a country can produce everything more efficiently than another country, there is still scope for trade. A country can maximize its wealth by putting its resources into its most competitive industries, regardless of whether other countries are more competitive in those industries. This is called the law of comparative advantage."
The technical definition needs to be broken down into simple terms to make it understandable. But once when you get the drift, you can see just how it can boost your success in the office and in your life in general.
It only means that if you can easily grow oranges, but have to work hard to grow apples, it makes sense to stick to growing oranges and just trade your produce with the one who is already proficient in growing apples.
Applying this law or principle to the workplace, it emphasizes the importance of getting the help of someone you know is proficient at something, when you are assigned a task that involves his skills and expertise.
This concept really makes a lot of sense because there is no reason for you to spend time and effort learning something in order to accomplish a task, when there is already somebody there who can help you accomplish the project efficiently and in no time at all.
If you fully realize the efficacy of the Law of Comparative Advantage, you will always know when to use it in your everyday life, not just in your workplace.
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