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For specialised industries, such as manufacturing, aerospace and electronics, industrial training provides the opportunity for students to gain the most rewarding and enlightening working experience in related companies.
Then there is another kind of skilled worker who enjoys those benefits of agglomeration but also the externality-oriented benefits: things like knowledge spillovers in specialised industries or Jacobs externalities, in which urban diversity breeds serendipitous opportunities.
The Saudi economy has, therefore, remained dependent on Westerners for expertise in specialised industries and on the Asian workforce for the construction industry as well as for menial and unskilled tasks.
Workers should also be monitored for less common zoonotic diseases, some of which can be devastating to individual workers and specialised industries.
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In the end, elite sport is just a highly specialised industry.
She believes specialised industry will develop over time in Adelaide, as huge growth already takes place in the tourism industry.
Even if China could make everything more cheaply, East Asian economies would still benefit if they specialised in industries in which they have a comparative advantage.
The whole point of free trade is that it makes countries specialise in industries where they have a comparative advantage; so when trade barriers are removed, resources are shifted into those industries, and away from less productive uses.
Italy's undoing is to specialise in industries such as textiles and furniture where competition from China and other emerging markets is particularly keen.A devaluation might offer temporary respite for Italian exporters, but it would not be a lasting solution to being in the wrong businesses.
Countries that specialised in those industries in 1980 duly prospered over the subsequent 20 years.
Since audit firms tend to specialise by industry, some companies have no choice at all.
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