How Nations Prosper

Update: Not quite potato chips, but soybean has Argentina's economy on rebound.

Tell me again, why did we decide to start airplane industry instead of fostering the relatively low-tech industry such as computer chips, car parts, etc. It would be difficult for us to follow India due to our comparatively low skill level, but we have a lot to learn from China and our neighbors of south-east Asia.

You have to know what your strengths are and how to best utilize them. Lacking the strengths, you play within your ability. If you want to prosper you don't choose your job for the prestige, you don't take up an industry because it means you make a quantum leap into high tech world.

Russel Roberts of Cafe Hayek explains that your standard of living does not depend on the title on your business card. It does not matter if you make computer chips or potato chips. You choose the job that you do best.

"[I]f a nation's skill level is low, making computer chips makes you poorer, not richer. It's like me at 5' 6' deciding to be a basketball player because basketball players have high salaries."